Red Bull Racing is set to become the first F1 team to join the NFT craze by launching a range of digital collectible assets with new blockchain partner Tezos.
NFTs – or non-fungible tokens – are all the rage, with unique digital files underpinned by blockchain technology becoming mainstream marketable collectibles.
Artists, influencers, musicians, athletes and sports teams have begun making a fortune by vending NFT versions of digital art, and investors are lining up to get a piece of the action.
On Thursday in Monaco, Red Bull Racing confirmed a new multi-year technical partnership with Tezos, the world’s most advanced blockchain, as the team’s Official Blockchain Partner which will help build the F1 outfit's first ever NFT fan experience.
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.
"In Formula One innovation is a constant, with cars evolving and developing from race to race and Tezos is no different," explained Red Bull team boss Christian Horner.
"Designed to self-upgrade, Tezos’ ability to remain at the cutting edge of blockchain technology makes it a natural fit for Red Bull Racing Honda."
Horner underscored blockchain's energy efficiency which fits perfectly with Formula 1's ongoing environmental efforts.
"Crucially, its energy-efficient design also matches our own long-term future environmental ambitions, and as Formula One moves towards carbon neutrality, the low-impact methodology pioneered by Tezos will be a valuable asset.
"Additionally, Tezos will help us maximize our engagement with our fans through the development of NFTs," added Horner.
"This is a hugely exciting space in which we’ve been looking for the right partner and in Tezos we strongly believe we’ve picked a winner that will help us give our fans a new, unique and innovative way to connect with the Team."