San Antonio, TX (April 1, 2022) – VP Racing Fuels, Inc., a global leader in producing performance fuels, lubricants and additives, announced Friday it is leaving the racing and automotive product industry, changing the company name, and shifting focus to the technology sector.
VP will discontinue production and sales of its current product lines and begin producing non-fungible tokens (NFTs) for the metaverse under the name of VP Tech, Inc. NFT price points will vary. Collectors of all levels will be able to seamlessly buy, sell and trade official VP digital collectibles through the marketplace.
“We believe that technology, particularly the metaverse, offers untapped opportunity and potential to further grow our brand,” said VP CEO Alan Cerwick. “We’ve been faced with major supply chain issues plus rising material costs, and felt that the time was right to make a major transition. We see tremendous upside with the NFT market and envision a day when VP goes from being recognized as the World Leader in Fuel Technology® to the World Leader in Jpegs™.”
VP also announced a partnership with AFD Virtual Motocross, the first of several North American and European virtual racing series that VP will sponsor. The company will continue to sell fuel, lubricants, and additives until its current supply is exhausted and will honor existing race sponsorship contracts.
“After finally debating, considering, and evaluating, we decided that this was a venture worth pursuing,” said VP’s vice president of consumer products and race fuel, Bruce Hendel. “It’s a massive change and we understand that many people will be disappointed and confused. The metaverse and NFTs are just starting to scratch the surface. There really is no limit to how big this can be. Our creative department has already developed several NFTs that we believe will be extremely popular. We should have more information later today about our initial tokens.” Hendel will take over as VP’s vice president of virtual consumer products and race fuel and will work closely with the company’s new manager of NFTs, Alfred F. Dunbar.