Red Bull’s Formula 1 team, Red Bull Racing Honda, has partnered with Tezos to develop an experience with non-fungible tokens (NFTs). Tezos became an official blockchain partner and has its logo on the driver’s helmets and cars as part of the deal. Separately, Aston Martin Cognizant’s F1 team also announced a blockchain deal.
Tezos has gained ground and recognition as an energy efficient blockchain. Since Proof of Work is used instead of intensive calculations to support Proof of Work, it consumes less energy and therefore has a negligible carbon footprint compared to other competitors such as the current version of Ethereum. These traits, which are in line with Red Bull Racing Honda’s sustainable rhetoric and F1’s goal of carbon neutrality, are the reason the team chose to partner with Tezos.
“Tezos’ ability to stay on top of the latest blockchain technology is a natural fit for Red Bull Racing Honda,” said Christian Horner, Team Principal and CEO of Red Bull Racing Honda. “It is crucial that its energy-efficient design also corresponds to our own long-term future environmental ambitions.”
Formula 1 and Animoca have a blockchain game called F1 Delta Time. Last year, the game developer began auctioning NFTs for official team cars as collectibles. Like Dapper Labs’ NBA Top Shot, F1 Delta Time is licensed by Formula 1 instead of individual teams.
It is still unclear how the Red Bulls’ dealings with Tezos will interact with Animoca’s existing offerings. It seems that Red Bull’s goal is to build a platform for fan engagement on blockchain around NFTs.
Aston Martin Blockchain Deal
Other F1 teams sign fan token deals. Unlike NFTs, which are designed as collectibles, fan tokens tend to be more rewards-oriented and allow access to votes and merchandise. They’re also not a unique or limited edition like NFTs, so they’re fungible. McLaren Racing led the way in signing the Turkish cryptocurrency exchange Bitci.com over two months ago. Today the Aston Martin Cognizant and Romeo Racing Orlen teams announced a partnership with Chiliz to publish fan tokens on Socios.com
The teams join over 34 sporting properties represented on the network, including current Premier League winners Manchester City. Socios.com also recently welcomed NASCAR’s Roush Fenway Racing.
Last year, the Socios.com platform generated sales of $ 150 million with fan tokens. Chiliz has a $ 50 million investment plan to advance into America’s top five sports leagues and expand global reach. Given F1’s broadcast reach of nearly two billion, the partnerships with Cognizant and Orlen could boost Chiliz’s popularity enormously and help the group achieve their goal.
F1 teams don’t all use the same platform for fan tokens as McLaren signed the deal with Bitci. Socios.com may be pushing to connect more with F1 and get more contracts with teams. In addition, Red Bull’s NFT deal with Tezos opens up a number of new opportunities. Meanwhile, Animoca recently raised over $ 88 million on a billion dollar valuation.
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