Red Bull Racing is becoming the latest Formula One (F1) to get in on the crypto space. As they forge a new partnership with blockchain network Tezos, they have also announced a new collection of NFTs.
Amid the 2021 Monaco Grand Prix, Red Bull revealed their collaboration with Tezos. Reports indicate that the network has become the team’s official blockchain partner. Within this multi-year partnership, Tezos aims to help create F1’s first ever NFT fan experience.
The immersive experience is planned to provide a new form of engagement for fans who have been unable to attend the Grand Prix due to the ongoing COVID-19 pandemic.
According to the Red Bull Racing website, the NFTs will be exclusively available on the Tezos blockchain, which they describe as “pioneering and energy efficient.” Tezos’ design and approach towards securing its network allows it to operate cleanly, minimizing its energy consumption and carbon footprint in doing so. Tezos representatives quoted Red Bull on Twitter in saying that:
“The core technical features of performance and energy efficient design, which are critical elements for the Team both on and off track, proved key in Redbull racing selection of Tezos.”
Formula One’s other crypto ties
This partnership is F1’s latest foray into the crypto space. On May 20, reports stated that two F1 teams, Aston Martin and Alfa Romeo, would be the first to launch their own cryptocurrency tokens.
In both cases, fans can purchase the tokens on the Socios.com platform. While the first within F1 to make such a launch, Aston Martin and Alfa Romeo join the ranks of other European sports teams doing the same. FC Barca, Manchester City, Paris Saint-Germain, and AC Milan have also launched fan tokens this year.
It is not Aston Martin’s only crypto-related collaboration in 2021. Aston Martin Cognizant announced its partnership with popular exchange app Crypto.com back in March. This was to commemorate their return to F1 after an absence of 60 years.
They too released a collection of NFTs, many of which are still up for auction. The collection included minted versions of the inaugural runs of F1 stars Lance Stroll and Sebastian Vettel.
Crypto.com has been making its way through the sporting sector on an international scale this year. Its partnership with Aston Martin was just the beginning for the Hong Kong-based company. Two weeks after announcing its collaboration with the F1 team, Crypto.com revealed another partnership with NHL team The Montreal Canadiens.
They have subsequently made other sponsorship deals with the Italian soccer league Coppa Italia and the International Ice Hockey Federation. Both of these deals are also tied to NFT releases.
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