Key Takeaways

McLaren Racing is partnering with Tezos to build an NFT platform for fans. It will include the team’s Formula One, INDYCAR, and esports pursuits.
The Formula One team selected Tezos as its partner because of the blockchain’s low carbon footprint.
McLaren Racing team members will wear Tezos branding at Formula One races.

Share this article

Another Formula One team joins the NFT rush. 

McLaren Racing Links With Tezos 

McLaren Racing is getting into NFTs.

The popular Formula One team has partnered with Tezos in a multi-year arrangement to create a fan-focused NFT platform. The project will involve McLaren Racing’s Formula One, INDYCAR,  and esports ventures. 

According to the press release, McLaren has selected Tezos based on its energy-efficient capabilities. The blockchain uses a Proof-of-Stake consensus algorithm to process transactions, which consumes far less energy than Proof-of-Work networks like Bitcoin (Ethereum also currently uses Proof-of-Work, though it has plans to merge to Proof-of-Stake sometime this year). The Proof-of-Stake mechanism allows Tezos to operate with a low carbon footprint, meaning it can efficiently mint NFTs. 

NFTs, otherwise known as non-fungible tokens, are tokenized assets that live on a blockchain like Tezos. They can encompass digital art, music, digital trading cards, memes, tweets, and just about anything else on the Internet (they sometimes have a physical representation such as a painting too). As the data for an NFT gets recorded on-chain, each token offers provable ownership and scarcity of an asset. NFTs have faced some criticism over the environmental impact of Proof-of-Work, though Tezos offers a solution to that problem. 

NFTs have proven popular in Formula One and many other sports this year. Red Bull Racing announced a partnership with Tezos last month; the team also selected the blockchain for its energy efficiency. Meanwhile, Aston Martin’s Formula One team have taken steps towards crypto adoption, signing a sponsorship deal with in March. 

Full details of McLaren Racing’s platform are yet to be revealed, though the team’s Director of Licensing, e-commerce, and esports said that the partnership would center on the Formula One team’s fans. She added: 

“At McLaren we are known for putting fans at the heart of everything we do, and this is another partnership which allows us to enter a space where fans can own key pieces of our team. We are looking forward to launching the platform with Tezos to create bespoke NFTs with our Formula One, INDYCAR, and esports teams.” 

As part of the partnership, the team’s race suits and drivers will include Tezos branding. 

Hubertus Thonhauser, chair at the Tezos Foundation, added that he was excited to work with a team with “one of the longest and most illustrious legacies in Formula One,” noting that brands will need to embrace blockchains to stay at the cusp of innovation. 

McLaren Racing was founded in 1963 and has been a leading Formula One team for close to six decades. It’s won the championships 20 times. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Red Bull Racing Team to Use Tezos for First NFT Drop

The Formula One team has selected Tezos for its first NFT release. Red Bull Racing Team Eyes Tezos  Red Bull’s Formula One racing team is partnering with Tezos, it was…

What is Kusama? How Polkadot’s playground accommodates blockchain de…

Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same… to Sponsor Aston Martin’s Formula One Team

Aston Martin’s Formula One racing team now counts as one of its sponsors. Headed to F1 confirmed that it had signed a multi-year deal with the luxury…

New Token Launch Hopes to Bridge Ethereum and Tezos

Bender Labs is launching a new token and protocol to incentivize the use of a new bridge between Ethereum and Tezos. Wrap Protocol Bridges Ethereum, Tezos Wrap Protocol allows users…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *



On this website we use first or third-party tools that store small files (cookie) on your device. Cookies are normally used to allow the site to run properly (technical cookies), to generate navigation usage reports (statistics cookies) and to suitable advertise our services/products (profiling cookies). We can directly use technical cookies, but you have the right to choose whether or not to enable statistical and profiling cookies. Enabling these cookies, you help us to offer you a better experience.