In 2022, the Red Bull Formula One Racing team signed a $150 million sponsorship deal with the crypto exchange Bybit. However, following the market crash and numerous bankruptcies in the crypto industry, the team has now established a new partnership. The Sui network, backed by Mysten Labs, recently announced a long-term collaboration with the Red Bull racing team, shortly after the launch of its blockchain’s mainnet. The objective of this partnership is to demonstrate the potential of web3 technology in facilitating meaningful human connections. The announcement also suggested that fans can expect immersive digital experiences in the coming months. Mysten Labs increased its focus on the Sui network after Meta discontinued its Diem project in 2022. The Sui network, built on the Rust-based programming language Move, went live on May 3, prompting the major crypto exchange Binance to introduce trading pairs for the SUI token. Additionally, in January, the racing division of the luxury car manufacturer Ferrari ended its association with Velas Blockchain and chip manufacturing company Snapdragon for its Formula One team.