London-based digital racing media network Veloce is launching a blockchain-based utility and governance token called VEXT to enable community members to have a greater influence on its decentralised assets. The Veloce brand comprises its Veloce Esports gaming and racing platform and Veloce Racing, which is competing in the Extreme E championship, and it features big names in gaming and racing, including Mercedes, Ferrari, McLaren, Yas Heat and Lando Norris’s Quadrant. The network has attracted 35 million subscribers, with an audience of nearly 1 billion monthly views, making it a prime candidate for blockchain adoption. Veloce and MDRxTech developed VEXT, which will allow token holders to transact across games and live interactive sports features while incentivising engagement. Token holders also can influence the direction of Veloce’s assets, including talent, teams, content and leagues. Details on VEXT and the platform will be released in the coming weeks.
In a statement, Veloce CEO Rupert Svendsen-Cook said the mission was to become the “first truly decentralised global sporting group”. Tom Grogan, CEO of MDRxTech, which specialises in blockchain and other new technologies, said Veloce was using “the best bits of Web3 – community participation and decentralisation” while providing “real utility and control” over an organisation that millions of people already cared deeply about. Veloce was founded in 2018 and operates in a range of innovative, fast-growing and future-focused sectors in the UK, including gaming and sports media. Meanwhile, Mishcon de Reya-owned MDRxTech is a digital transformation consultancy that delivers “compliant by design” transformation for clients across a wide range of sectors and geographies.