Bybit Revs Up the NFT Market with Data-Driven Velocity Series 2.0by@ishanpandey
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Bybit Revs Up the NFT Market with Data-Driven Velocity Series 2.0

by Ishan PandeyApril 11th, 2024
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Delve into the groundbreaking introduction of fractional NFTs in the Velocity Series 2.0, a collaboration between Bybit Web3 and Oracle Red Bull Racing. This evolution represents a pivotal moment in making digital art ownership more accessible and diversifying the NFT market.
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Bybit's Web3 operations have been a driving force in the NFT industry, notably with the amazing success of the 2023 Velocity Series. This achievement has been particularly noteworthy.

We are ecstatic to have the opportunity to discuss the effect of the series, the exciting new partnerships that are scheduled for 2024, and your vision for the future of NFTs.

Ishan Pandey: The 2023 Velocity Series, a collaboration with Oracle Red Bull Racing, truly merged speed, technology, and art. Can you elaborate on the genesis of this project?

Emily: Yes. Here at Bybit Web3, we are firm believers that cooperation is the most important factor in driving forward the NFT business. By exhibiting the convergence of the thrilling world of Formula One with the inventiveness of prominent digital artists, the Velocity Series exemplified this principle at its core. The Velocity Series showcased the limitless possibilities that can be achieved when different industries come together to collaborate.

A one-of-a-kind Web3 experience that was based on the RB19 racing vehicle was made possible by our collaboration with Oracle Red Bull Racing.

Ishan Pandey: The series featured renowned artists like Erick Snowfro and Jack Butcher. How did Bybit Web3 foster their artistic expression and connect them with a wider audience?

Emily: We partnered with AOI, a renowned art and technology foundation, to assemble four visionary artists – Rik Oostenbroek, Per Kristian, Erick Snowfro, and Jack Butcher. Each artist created a unique NFT collection inspired by Formula One, coinciding with specific races throughout the season.

Bybit Web3 provided these artists with a global platform to showcase their work. We offered extensive marketing and promotional support, ensuring the series garnered significant attention within the NFT community.

Ishan Pandey: Emily, with the Velocity Series 1.0 hailed as a monumental success, can you share what's new and exciting with the upcoming Velocity Series 2.0?

Emily: Absolutely, Ishan. Building on the incredible momentum of the 2023 Velocity Series, we're elevating the experience with Velocity Series 2.0. This year, we're introducing "Data Driven Art," a novel concept that blends the thrill of racing with the creativity of digital art, all inspired by the achievements of the iconic RB20 F1 car. Another groundbreaking innovation we're excited about is the launch of fractional NFTs on the DN-404 protocol, a first in the industry. These fractional NFTs make ownership more accessible, allowing a wider audience to participate in our unique digital art collections.

Ishan Pandey: That sounds like a significant leap forward. Can you delve a little deeper into the specifics of the Series 2.0 Pass sale and what it offers to fans and collectors?

Emily: The Series 2.0 Pass sale, kicking off on April 12th, 2023, at 2PM UTC, promises an array of exclusive benefits. We're releasing an additional 1,000 passes, bringing the total to 2,000, to meet the overwhelming demand. Pass holders will gain access to three exclusive NFT artwork drops by world-renowned artists throughout 2024, along with token-gated activations and experiences related to the series. There’s also the exciting chance to win real-life prizes through our raffles. It's an opportunity for fans to deepen their connection with the world of Formula One and digital art like never before.

Ishan Pandey: Beyond artistic exposure, the Velocity Series demonstrably broadened the collector base. Can you share some success stories?

Emily: Erick Snowfro: Exposing New Audiences to Artistic Brilliance – A staggering 92% of collectors for his /// collection were newcomers to his work. Snowfro, a renowned digital sculptor, used 3D modeling and animation to create a captivating series that captured the essence of movement and speed. (Insert image of Erick Snowfro's /// collection here) This achievement highlights the series' ability to introduce talented artists to a fresh audience of enthusiasts. Snowfro's work resonated deeply with collectors unfamiliar with his previous work, demonstrating the power of the NFT space to expose new audiences to established artists.

Existing Snowfro collector, Source: twitter user @_denze, link: original post)

Jack Butcher: Democratizing Digital Art Ownership – Approximately 84% of collectors for his "Trademark" collection were first-time Butcher owners. Butcher, a pioneer in generative art, utilized his signature algorithmically generated style to create a dynamic collection that explored themes of branding and identity. (Insert image of Jack Butcher's "Trademark" collection here) The "Trademark" collection's innovative approach and accessible pricing structure attracted a new wave of collectors to the NFT space. By offering a variety of ownership tiers, Bybit Web3 made it possible for more people to participate in the NFT market, fostering a more inclusive and vibrant community.

IMAGE Jack Butcher NFT Collection, Jack Butcher (Trademark #0)

Ishan Pandey: Looking back, what were some key takeaways from the 2023 Velocity Series that Bybit Web3 will leverage for 2024?

Emily: The series offered valuable insights on designing for multi-fan participation. We learned that seasoned collectors appreciate references and expansions on existing IP/universes, while beginners benefit from publicly available collections. Additionally, content creator remix competitions with merch integration, like Snowfro's with Joyn.XYZ, proved highly successful.

Ishan Pandey: The theme for Velocity Series 2024 is "Data-Driven Ark." Can you give us a sneak peek into what to expect?

Emily: We're incredibly excited about Velocity Series 2.0! This year, we're embracing the future of NFTs with a focus on innovation and decentralization. Here are some key highlights:

  • Collaboration: We have a thrilling collaboration lined up, but it's still under wraps! Stay tuned for an exciting announcement soon.
  • New NFT Standards: We'll be exploring the potential of ERC-404 tokens, a revolutionary standard that combines fungible and non-fungible token characteristics. This paves the way for exciting possibilities like fractionalized NFT ownership.
  • Full DEX Experience: Bybit Web3 is committed to a decentralized NFT future. We'll leverage our own decentralized NFT and inscription marketplaces to provide a complete DEX experience.

Bybit Web3 is at the forefront of shaping the NFT landscape.

We are certain that Velocity Series 2.0 will be even more revolutionary than its predecessor since it will place a greater emphasis on community development, creativity, and collaboration. There is no denying that decentralization will be the future of non-fungible tokens (NFTs), and Bybit Web3 is in an excellent position to do so.

Ishan Pandey: Emily, I am grateful to you for sharing these eye-opening ideas. Our anticipation for the upcoming installment in the Velocity Series is palpable.

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