VELOCE TEAMS WITH MDRxTECH TO DRIVE WEB3 INNOVATION ACROSS ITS VAST ECOSYSTEM
- Veloce is partnering with Mishcon de Reya’s technology consultancy, MDRxTech, to evolve its ecosystem to Web3
- Veloce is the world’s largest next-gen racing, gaming and media ecosystem with over half a billion monthly views
- Veloce has both real world and digital sports assets, including a team franchise in the environmentally focused Extreme E series, as well as joint ventures with global sports stars such as F1 driver Lando Norris
- Decentralisation and evolution to Web3 will enable greater fan engagement and rewards for the Veloce community as well offer vast utility throughout Veloce’s assets across Racing, Gaming and joint ventures
- Veloce targeting early 2023 for the full digital transformation to be completed
Rupert Svendsen-Cook, CEO of Veloce Group, said: “Since founding the company, our vision has been to create a future-facing sports and media entertainment platform that can not only fuel itself but reward the highly engaged and loyal community of which we have been built upon. In simple terms, we see the adoption of Web3 and specifically the integration of the vast utility that we have within our ecosystem to be an incredibly logical evolution to realise that ambition.“Sports have traditionally locked fans in ‘push only’ relationships. Web3 changes that. We get half a billion views every month throughout the Veloce sporting, gaming and media ecosystem. We want those fans to have ownership, a realisation of value and tangible influence over our assets based upon their commitment and support of whichever area they engage with us. Ultimately, those who support our mission and values the most will no longer just be spectators, they will be able to join us on this venture together. If Veloce is winning, our community will be winning too. This is about the future of sport and what fans mean to sports.”
What does this mean for Veloce?
- Veloce will be decentralising control over its products and services provided to fans across its ecosystem, using blockchain technology.
- Veloce will release both a utility and governance token, based on a recognised protocol, to be used as the medium for users to participate in the Veloce ecosystem – from real life merch and early bird access to gaming products and events, content access, future in-game transactions, membership and influence on the virtual and physical sporting assets across the ecosystem.
- The transition at Veloce will be reflected internally and across its media network, for which Veloce will continue to educate its audience and community on Web3.
- Veloce will be able to reward its members who are aligned with the firm’s mission, values and ethos by using Web3 technologies such as blockchain.
- The intention is to link the Group’s sporting assets with a foundational layer—a utility token and treasury—to support fan engagement in a decentralised community. Veloce will continue to expand its sporting assets across real world sports and esports, including potential for more esports teams and acquisitions of further franchises in other innovative motorsport series.
Tom Grogan, CEO of MDRxTech, said: “Veloce has already established itself as a leading Web2 business, and has a reputation for disruption and innovation across its racing, gaming and media ecosystem. Veloce’s transition to Web3 is a logical next step in its mission to empower fans to engage in more immersive, rewarding, and innovative ways. “The Veloce team’s focus on providing real utility and value to their users and fans has been impressive – they are uniquely placed to build on their existing communities and use Web3 technologies to establish themselves as true Web3 pioneers. Veloce’s Web3 ecosystem will allow them to create a “golden thread”, woven in and through their various groups, to ensure their global community is more valuable than the sum of its parts.“In designing and building this venture with Veloce, we’re also helping navigate legal and compliance complexities to protect the business and its users. The whole project has an overwhelming sense of purpose. We can’t wait for the next stages, and to deliver a revolutionary ecosystem for Veloce’s fans.”
Jack Clarke, Chief Innovation Officer of Veloce Group, added: “There are so many Web3 projects that are fantastic ideas and tech solutions, but they’re starting from zero – they have no users, brand, community, fans, marketing or educational awareness. That’s where Veloce is so uniquely well positioned above anyone else. We have all that Web3 needs to thrive, with highly relevant and effective platforms to educate and onboard our users while at the same time genuinely integrating the technology to provide a much more engaging and rewarding solution to all stakeholders. It’s an incredibly exciting and credible proposition, which makes it even more important to be working with such respected technical advisors MDRxTech in realising what we know is possible.”