By Lisa Petrillo

MIAMI BEACH (CBSMiami) – With mega yachts anchored offshore and the snip of scissors from Miami Beach Mayor Dan Gelber, ‘FTX Off The Grid’ has officially taken over South Beach.

It has transformed almost three entire blocks from 10th Street in the sand into an all-immersive ‘Electric Beach’ themed three-day activation.

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“It’s really going to be something quite splendid, so we’re really excited,” said Gelber.

“I think this is what our city does best, celebrating what people love. And a lot of people love race cars.”

They sure do.

FTX, the leading cryptocurrency exchange in partnership with Mercedes Benz and others is calling this a weekend of crypto, culture, and cars.

“F1 tickets are expensive tickets that people purchase to go to the race, so we want everyone to be able to experience real racing and we’re just doing some interesting projects,” said Lou Frangella VP of partnerships FTX U.S.

This 3-day event is free all day and turns into a ticketed event at night.

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“At night, it changes into a concert. We have three nights of concerts featuring some great artists like renowned Jamie XX and more. But, during the day, it’s free so anybody that’s around Miami or Miami Beach should come on down,” he said.

There is an NFT art gallery connecting fans to the FTX and blockchain ecosystem where guests can purchase NFT art.

Race fans can put their on-track driving skills to the test in the very realistic F1 racing simulators.

They can also get up close and personal with the Mercedes-AMG Petronas F1 demo car.

Those who came out this first day were not disappointed.

“I love F1. It’s something that’s really grown on me every year. It’s become one of my favorite sports so, this is a pretty big thing. I honestly came to Florida for this exact reason,” said fan Nigel Lewis.

“Once they announced that they were going to have a race in Miami, I love this city. I’m from Chicago, it’s cold over there, so it’s a great excuse to get out of town, hit the beach, and check out Mercedes AMG, “said visitor Vishal Lal

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Lisa Petrillo