Tezos has become an official blockchain partner of the Formula One team Red Bull Racing Honda and will be used to launch a line of Non-Fungible Tokens.
According to Red Bull racing Honda, they chose to partner with Tezos because it is an energy-efficient, open-source blockchain. Evidently, it operates cleanly and with minimal energy consumption. In addition, the Proof of Stake (PoS) algorithm that Tezos works with is a good fit for Red Bull racing because it matches their philosophy on environmental issues.
Red Bull Racing Honda will launch the team’s first line of digital collectibles exclusively on the Tezos blockchain. With Grand Prix fans still impacted by the global pandemic, this is a way to creatively engage with fans.
NFTs getting more attention in the sports industry
The NFT market grew by more than 800% in 2021 and the market peaked in April. Data shows that sales in the NFT markets have cooled off. Even so, a number of sports organizations are using the technology to create new ways for fans to interact with teams and players. This trend continues to grow, most notably with the NBA’s Top Shot NFT series. As well, the soccer fantasy game Sorare uses NFTs and has driven record-breaking collectible sales.
Whether NFTs are in a bubble that will slowly disappear, or whether they are here to stay, is unclear. However, it seems likely that sports fans will see more of these experiments in the future.