F1 News: Haas faces backlash after acquiring NFT Sponsor
Haas F1 Team has recently celebrated MoneyGram as its new title sponsor for 2023, but the American squad now faces significant criticism for its latest NFT sponsor.
Most fans are sympathetic to the obstacles Haas face as one of the financially weakest teams in F1, but this has done little to improve the negative reaction to the team's new NFT partnership.
Several Formula 1 teams have partnered with at least one NFT or Crypto company, with such groups offering significant cash sums to get into the sport.
After several years without an NFT partner, Haas has now agreed to a deal with OpenSea.
The volatility of the NFT market has been evident in recent months, with sales collapsing since the start of 2022.
Perhaps the biggest issue fans take with NFTs is their negative impact on the environment, which has contributed substantially to the worsening public perception of these tokens.
Returning to Haas specifically, it cannot be said their decision is out of sync with the other teams on the grid. Still, the announcement has disappointed fans.
The American team is making a concerted effort to improve its financial situation in F1, and this new partnership seems to be one of the consequences.
Whilst Haas will undoubtedly be well compensated for this sponsorship; there are almost certainly alternative sponsors to those in the NFT space.
This is not to say that acquiring suitable partners is easy, as Haas themselves have learned the hard way, but it would be untrue to say that Haas is without options.
When considering the estimated $60 million the team will receive from MoneyGram, it is not unsurprising that fans are frustrated with this decision.
In any case, the upcoming months and years will demonstrate whether Haas can acquire a healthy number of sponsors to sustain its long-term continuation in the sport.