Red Bull Racing Honda will release a collection of non-fungible tokens on the Tezos blockchain.
The Red Bull Racing team collaborates with Tezos
Red Bull's Formula 1 racing team is teaming up with Tezos. The partnership between these two large companies was announced last Thursday.
Red Bull Racing Honda then joins the smart contract platform to release a series of NFTs for its fans. Tezos' blockchain was specifically selected for its energy efficiency, according to a press release. Christian Horner, Team Principal and CEO of Red Bull Racing Honda, said:
“Tezos' ability to stay at the forefront of blockchain technology makes it a natural choice for Red Bull Racing Honda. Fundamentally, its energy-efficient design also matches our future long-term environmental ambitions, and as Formula 1 moves towards carbon neutrality, the low-impact methodology pioneered by Tezos will be a valuable asset. "
He added that using Tezos for his first launch of NFT would allow the team to interact with Formula 1 fans. NFTs, also known as non-fungible tokens, have been very successful this 2021.
NFTs have attracted the attention of sports teams, musicians, digital artists and celebrities at the same time. To date, they have mostly appeared on Ethereum, although things are starting to change as development grows on other blockchains. Hubertus Thonhauser, president of the Tezos Foundation, commented on the partnership with Red Bull Racing Honda, underlining the efficiency of Tezos:
“The Tezos blockchain is designed to evolve and adapt, doing this and with security and performance in mind, in the most efficient ways possible. These principles are perfectly reflected in the Red Bull Racing Honda team, which is why we believe this is a winning partnership ”.
Strong growth for the company in 2021
Tezos had a year of strong growth alongside the rest of the cryptocurrency market, although its XTZ token suffered from this week's market crash. Down 38,5% in the past two weeks, it is trading at around $ 4 today, which puts Tezos' market cap at around $ 3,4 billion.
Red Bull Racing Honda isn't the only Formula 1 team to jump into the cryptocurrency industry this year - it was announced in March that the Aston Martin Formula 1 team would be sponsored by Crypto.com. The deal made Crypto.com the first cryptocurrency company to sponsor a Formula One team.
Meanwhile, tomorrow Formula 1 lands in San Marino, for one of the best grand prix of the season. Last year, due to a pandemic, the race did not take place and therefore there is a lot of expectation to see the fight between Max Verstappen's Red Bull and HLewis Hamilton's Mercedes on the street circuit, with Charles Leclerc acting as the third wheel. in the home GP.