Red Bull’s F1 Racing Team Taps Tezos for New NFT Offering
Tezos has become the official blockchain partner of Formula One team Red Bull Racing Honda and will be used to launch the organization’s original non-fungible tokens (NFTs), according to a press release shared with Decrypt today.
“Tezos will help us maximize our engagement with our fans through the development of NFTs. This is a hugely exciting space in which we’ve been looking for the right partner and in Tezos, we strongly believe we’ve picked a winner that will help us give our fans a new, unique, and innovative way to connect with the team,” said Christian Horner, Red Bull Racing Honda team principal and CEO.
NFTs have made quite the buzz of late, with popular internet artist Beeple selling his “Everydays: The First 5000 Days” piece at auction house Christie’s for $69 million this year. Various sports organizations have also tapped the technology to create new ways for fans to interact with the teams and players.
Recently, three major Indian cricket teams have joined the fan token platform Socios.com. Before that, household names such as football clubs FC Barcelona, Paris Saint-Germain, Juventus, AC Milan, and Manchester City have also joined.
In early May, the NFL team New York Giants similarly announced its crypto-related partnership with asset management behemoth Grayscale.
The sector isn’t without its detractors, however. Many artists and researchers have been vocal about the environmental impact of using blockchain technology when minting their art pieces. Ethereum, another energy-intensive blockchain, is currently the go-to network for minting NFTs.
Horner explained that Tezos, an open-source blockchain-based on a proof-of-stake (PoS) consensus algorithm, was considered “a natural fit for Red Bull Racing Honda” thanks to its “energy-efficient design [that] matches our own long-term future environmental ambitions.”
“The Tezos blockchain is designed to evolve and adapt, doing so with security and performance in mind and in the most efficient ways possible. These principles are perfectly mirrored in the Red Bull Racing Honda team, and this is why we believe this to be a winning partnership,” said the Tezos Foundation chairman Hubertus Thonhauser.