Tezos becomes official blockchain partner of Red Bull F1 team

Today, Red Bull announced their partnership with Tezos to create the first NFT fan experience project on Tezos for the Red Bull Formula One racing team.

Red Bull Racing Partners With Tezos

Today, Red Bull announced their partnership with Tezos to create the first NFT fan experience project on Tezos for the Red Bull Formula One racing team. The announcement was made on the Red Bull Racing Honda Twitter account with 2.9 million followers.

“As part of this initiative, Red Bull Racing Honda will launch the Team’s first ever range of digital collectible NFTs exclusively on the Tezos blockchain. With Grand Prix fans still impacted by the global pandemic, the Team is constantly looking to provide new, unique and immersive experiences as part of its fan engagement platform.”

NFT’s are unique tokens that can be used to register a unique item. Selling art or collectibles are the current biggest use-cases for NFT’s on blockchain. It’s a huge market and some NFT’s are sold for millions of dollars. Distributing or trading collectible fan merchandise is another huge use-case for NFT’s.

Tezos adoption has been growing exponentially in the NFT space. Cheap and fast transactions have proven to be a very attractive quality that few fully decentralized blockchains have.

Tezos-based NFT platform Hic Et Nunc has outperformed Ethereum-based NFT platforms the past weeks in number of users and daily transactions.

Platforms like Rarible, Opensea, Decentraland, SuperRare, KnownOrigin.. All left in the dust as NFT artists flock to Tezos based platforms.

Low energy usage

Tezos is known to use a lot less energy compared to chains like Ethereum and Bitcoin.

“The difference between Bitcoin and Tezos here is a factor of 25 million, the difference between Ethereum and Tezos is a factor of 1.5 million.”

Many NFT artists take these factors in to account when selecting a blockchain to mint and sell their work on. And by choosing Tezos, they don’t have to move backwards on aspects like transaction speed and transaction costs. It’s a win-win and more and more entities start to discover all the benefits that Tezos offers.

“Tezos is a pioneering and energy efficient open-source blockchain for assets and applications that, similar to Formula One, is constantly evolving with the very latest industry advancements.

By design, Tezos uses a more energy efficient approach to secure its network which means it can operate cleanly, with minimal energy consumption and a negligible carbon footprint.” – Red Bull Racing Honda

Swift evolution

Tezos is able to upgrade itself through an on-chain governance system which enables a democratic and above all, swift and fast pace of evolution.

This way Tezos can keep improving itself and add new functionality in a fast and efficient way without the need for hard forks.

Currently in its sixth upgrade, Tezos continues to deliver in this field. This is another feature that more entities start to notice and act on.

“Tezos’ ability to remain at the cutting edge of blockchain technology makes it a natural fit for Red Bull Racing Honda.” – Red Bull Racing Honda

– Hubertus Thonhauser, Chair at Tezos Foundation commented:

“We are excited that Red Bull Racing Honda has selected Tezos as the exclusive platform for this partnership and we are looking forward to welcoming them into the fast growing ecosystem of brands building NFT platforms on Tezos.

The Tezos blockchain is designed to evolve and adapt, doing so with security and performance in mind and in the most efficient ways possible.

These principles are perfectly mirrored in the Red Bull Racing Honda team, and this is why we believe this to be a winning partnership.”

Source:

https://xtz.news/latest-tezos-news/red-bull-formula-1-racing-team-partners-with-tezos-to-create-an-nft-fan-experience/