Tezos Gets one more NFT Deal from Red Bull Racing F1 Team

Tezos Gets one more NFT Deal from Red Bull Racing F1 Team

News NFT
May 22, 2021 by Editor
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Red Bull Racing Honda, Red Bull’s Formula One team, has teamed up with Tezos to create a non-fungible tokens (NFTs) experience. As part of the contract, Tezos was named the Official Blockchain Partner, and its emblem was placed on the driver’s helmets and cars. In a separate announcement, the Aston Martin Cognizant F1 team established
Tezos Gets one more NFT Deal from Red Bull Racing F1 Team

Red Bull Racing Honda, Red Bull’s Formula One team, has teamed up with Tezos to create a non-fungible tokens (NFTs) experience. As part of the contract, Tezos was named the Official Blockchain Partner, and its emblem was placed on the driver’s helmets and cars. In a separate announcement, the Aston Martin Cognizant F1 team established a blockchain partnership. Tezos has been gaining traction as a blockchain that is both energy-efficient and secure. It requires less energy and hence has a lower carbon footprint than other competitors, such as the present version of Ethereum because it uses Proof of Stake rather than intensive calculations to enable Proof of Work. The Team chose Tezos because of these attributes, which align with Red Bull Racing Honda’s sustainable rhetoric and F1’s carbon neutrality goal.

Tezos’ capacity to be at the cutting edge of blockchain technology makes it a perfect fit for Red Bull Racing Honda, according to Christian Horner, Team Principal, and CEO of Red Bull Racing Honda. “Most importantly, its energy-efficient design aligns with our own long-term environmental goals.” F1 Delta Time is a blockchain game developed by Formula 1 and Animoca. The game maker began auctioning NFTs for official team cars as souvenirs last year. F1 Delta Time, like Dapper Labs’ NBA Top Shot, is licensed by Formula 1 rather than individual teams. It’s still unclear how Red Bulls’ Tezos partnership will affect Animoca’s current services. It appears that Red Bull’s goal is to create a blockchain-based fan engagement platform based on NFTs.

Aston Martin Blockchain Deal

Other Formula One teams are signing fan token deals. Unlike NFTs intended to be collected, fan tokens are usually designed to provide perks, such as access to votes and products. They’re also fungible because they’re not one-of-a-kind or limited-edition like NFTs. Over two months ago, McLaren Racing established cooperation with the Turkish cryptocurrency exchange Bitci.com. Today, Teams Aston Martin Cognizant and Romeo Racing Orlen collaborated with Chiliz to launch fan tokens on Socios.com.

The teams join a network of approximately 34 athletic entities, including Manchester City, the current Premier League champions. Roush Fenway Racing of NASCAR was also recently welcomed to Socios.com. The Socios.com network produced $150 million in revenue from fan tokens last year. Chiliz has a $50 million investment strategy to break into the top five sports leagues in the United States and expand its global reach. Given F1’s nearly two billion viewers, Chiliz’s collaborations with Cognizant and Orlen might be a massive boost to the group’s popularity and help them achieve their target.

Since McLaren secured an agreement with Bitci, not all F1 teams use the same platform for fan tokens. Socios.com may make an effort to become more affiliated with Formula One and sign more sponsorship agreements with teams. Furthermore, Red Bull’s NFT contract with Tezos opens up a whole new world of possibilities. Animoca, on the other hand, just raised more than $88 million at a billion-dollar value.