Leading crypto exchange Bybit is now the proud owner of the award for ‘Best NFT Marketplace’.

The world’s third most visited crypto exchange scooped the award at the Middle East Blockchain Awards in Abu Dhabi.

The award was announced on November 18th at a ceremony in Abu Dhabi.

Amongst tough competition, Bybit was deemed the best, and judged on metrics such as popularity, fee structure, and development.

The Middle East Blockchain Awards is organized by Arabian Business and seeks to highlight the best blockchain industry leaders, innovators, entrepreneurs, and service providers.

Bybit making history

Bybit's award winning success was the tip of the iceberg after a history making week in Abu Dhabi.

Also during this time, Abu Dhabi hosted the Formula One season finale, with Bybit taking centre stage with partners Oracle Red Bull Racing, and Azuki creator, Chiru Labs.

Adorned on each of the Oracle Red Bull Racing cars, for the first time, was a blue chip NFT inspired by Azuki.

The NFT artwork was Lei the Lightning Azuki, a character from the anime-inspired Azuki collection, which featured alongside Bybit’s logo on the cars.

This was a first ever in the history of Formula One, and signified the growing presence of Web3 in the premier motor racing league in the world.

The original Lei Azuki NFT is one of 10,000 NFTs in the collection, which is currently listed on Opensea.

Bybit and Red Bull Racing

This giant step forward for Bybit, and Web3, comes after the exchange became the principal team partner for Red Bull Racing in February 2022.

Furthermore, Red Bull Racing dominated the F1 season, winning the constructors’ championship, while Max Verstappen won his second consecutive drivers’ championship.

Red Bull Racing’s Lei the Lightning Azuki will be a limited edition NFT, to be minted on the Tezos blockchain, and available through Bybit’s NFT marketplace.

Red Bulls Racing’s team principal, Christian Horner, recently highlighted the growing connection between Formula One and Web3.

He said: “In many ways, it’s been an eye opener for us to the vast opportunities Web3 has to offer. This unique project is the perfect combination of creativity, innovation, and passion which matches our ethos on the track.”

Bybit’s success in Formula One highlights the growing prominence of Web3 and NFTs in the sporting world.