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Red Bull Racing Honda F1 Team partners with Tezos To Build  NFT Fan Experience 

Red Bull Racing Honda F1 Team partners with Tezos To Build  NFT Fan Experience 

The latest in a slew of blockchain partnerships, Red Bull’s FI racing team has chosen Tezos to become its blockchain partner. Tezos will enable the racing team to create a series of NFTs that will expand the racing team’s existing fan engagement.

As a result of the global pandemic, many sporting events have been cancelled, or moved from live events to online viewing experiences. NFTs and fan tokens have enabled a number of sports teams to engage with their fans and create unique offerings for their supporters. 

The popularity of NFTs has resulted in dozens of networks expanding their ecosystem to create NFT marketplaces. While a number of start-ups have successfully built NFT native platforms. 

Christian Horner, Red Bull Racing Honda Team Principal and CEO commented on the recent partnership:

“In Formula One innovation is a constant, with cars evolving and developing from race to race and Tezos is no different. Designed to self-upgrade, Tezos’ ability to remain at the cuttIng edge of blockchain technology makes it a natural fit for Red Bull Racing Honda.”

Tezos is one of the leading blockchain choices for franchises and global brands, which basing itself on a proof-of-stake consensus algorithm is much more energy efficient than many other blockchains.  This energy efficiency is what makes the ecosystem a suitable choice for Red Bull Racing Honda, as Formula One moves towards carbon neutrality.

“Crucially, its energy-efficient design also matches our own long-term future environmental ambitions, and as Formula One moves towards carbon neutrality, the low-impact methodology pioneered by Tezos will be a valuable asset.” 

As sports teams and artists continue to create their unique NFTs and fan tokens, sustainability and the impact of mining has been brought up as a concern. Networks have faced pressure to step up their energy-efficiency, and consumers and producers have increasingly turned to blockchains that have an energy-efficient approach.

The Chair at Tezos Foundation Hubertus Thonhauser, explained how the partnership between the two makes it a “winning partnership”, with the ecosystem favoured by a number of existing brands that use Tezos.

“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.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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