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Formula One team Red Bull Racing goes into a multi-year partnership with crypto exchange BYBIT.

According to Autosport, the partnership is valued at $50million per year and the team describes the deal as ‘the single largest per-annum cryptocurrency venture yet seen in international sport’. Bybit will also have prominent branding on the front wing of Red Bull Racing's 2022 car.

Additionally, Bybit will also serve as Red Bull Racing's fan token issuance partner, facilitating the distribution of digital collectibles among its fans as well as supporting its other projects.

Christian Horner, CEO of Red Bull Racing, stated his enthusiasm for the collaboration and is equally pleased with Bybit's dedication to improving the F1 fan experience by leveraging innovations in the digital space. Bybit echoes the team's "desire to exist at the vanguard of technological innovation, to set the competitive pace, and to upset the existing quo," according to Horner.

“It’s fitting too that, as we enter a new generation of competition of Formula One in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exist at the cutting edge of technology.

“They share the team’s passion to exist at the forefront of technological innovation, to set the competitive pace and to disrupt the status quo. Allied to that is Bybit’s commitment to enlivening the fan experience in Formula One through digital innovation. This is also a key mission for the Team and Bybit’s assistance will help us build a deeper more immersive and unique connection with the team for fans around the world,” - said the CEO.

Cent, the company behind the auction of Jack Dorsey's first tweet for $2.9 million has put most transactions on hold due to the sale of tokens of content that are fake and plagiarized. The CEO and co-founder of the company, Cameron Hejazi, referred to it as a "fundamental problem" in the fast-growing digital assets market. He told Reuters during an interview published on Friday that since February 6th, Cent stopped allowing users to purchase and sell most NFTs. Although it has maintained operations in its Valuables marketplace, where people can buy and sell NFTs of tweets, that's all there is.

"There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally." Cent has attempted to ban problematic actors, according to Hejazi, but the process has been akin to a game of whack-a-mole. “Every time we would ban one, another one would come up, or three more would come up.”

One of the largest NFT marketplaces, OpenSea, revealed in the previous month that over 80% of the tokens generated using the free minting tool available comprised fake content, spam, and plagiarized work. The disclosure came when the platform attempted to restrict the number of free NFTs that users may generate.

"I think this is a pretty fundamental problem with Web3," Hejazi said.

As prominent businesses embrace and support the concept of the "metaverse," or Web3, such issues may become more apparent. Coca-Cola and Gucci are among the corporations that have sold NFTs, and YouTube has stated that it will look into NFTs.

Opera, the company behind the well-known multi-platform browser, announced the release of a brand-new browser solution developed and optimized to support blockchain technology. Opera announced that the specialized Web3 browser, named "The Crypto Project", with beta versions already available for Mac and Android, and Windows, is designed to offer users direct access to Web3 services.

As said in its announcement, "Too few of the web browsing experiences offered today have been built with the intention of putting Web3 centerstage and making blockchain technologies understandable and easy to use. With the Crypto Browser Project, we have set out to change this, and starting today; we are inviting the blockchain community to join this mission.”

Opera, according to a press release, states the target market for this product to be “the crypto-native and the crypto-curious,” with its own dedicated wallet integrated into the user experience. This native wallet can be accessed on a sidebar called Crypto Corner on the project.