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Red Bull Formula 1 Racing Team Partners With Tezos To Create NFT Fan Experience

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.

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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.”

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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