Formula 1 racing team McLaren Racing has partnered with Tezos to launch non-fungible tokens (NFTs) of the team’s racing history. Through the deal, Tezos becomes McLaren’s Official Blockchain Partner and will have its logo displayed on the cars.
Tezos is an open source blockchain platform that operates a greener proof-of-stake mechanism. Bitcoin, Ethereum and many other blockchain are powered by proof-of-work systems that require large amounts of energy to function. In comparison, Tezos technology leaves a negligible carbon footprint when minting cryptocurrencies and NFTs.
There are various blockchain-related initiatives in the Formula 1 space. Red Bull Racing is also collaborating with Tezos for NFTs. And besides the partnership with Tezos, earlier this year McLaren announced a deal with Turkish cryptocurrency exchange Bitci.com for fan tokens, which are not unique, unlike NFTs. The teams Aston Martin Cognizant and Alfa Romeo Racing Orlen have fan token deals with Chiliz’s Socios.com.
Meanwhile, Formula 1 NFTs are licensed by Animoca, and last year the game developer launched a blockchain game called F1 Delta Time featuring collectible cars. It isn’t the only organization to have partners involved in more than one NFT application. For example, Real Madrid has deals with both Fantastec and Sorare. And Major League Baseball (MLB) has NFT arrangements with Topps and Fanatics.
Meanwhile, McLaren joins an extensive list of sports entities issuing NFTs. Korea’s Football K-League will launch video NFTs with NFT developer Blueberry, and Liga MX football club Club Necaxa is to auction a 1% stake in the club as an NFT.