NFTs are revolutionizing industries, and institutional players are taking note. Recently, Fox Corporation announced that it was investing $100 million on an NFTs platform.
The latest to board the NFTs bandwagon is McLaren. Through a press release, the McLaren Formula 1 team has stated that it was partnering with Tezos to build NFTs that would excite its fans. Through the partnership, Tezos will feature on McLaren racing suits.
This is a big deal in terms of marketing for Tezos, as McLaren is the second most successful formula-one team after Ferrari. Besides the marketing aspect of it, there are a number of other interesting facets to the deal.
One of them is that McLaren had chosen Tezos for environmental reasons. At a time when environmental concerns are being raised about crypto, McLaren said that it had chosen Tezos because it is an environmentally friendly blockchain.
That’s because Tezos runs on a Proof-of-Stake algorithm that is multiple times more energy-efficient than the Proof-of-Work algorithm that Bitcoin uses. As such, it can be used to create NFTs without much of an impact on the environment.
Another key takeaway from the deal is that the NFTs will incorporate McLaren’s Formula one, esports, and INDYCAR.
This is not the first NFT deal that Tezos has landed within the Formula One ecosystem. In May, Red Bull announced that it would be building NFTs on the Tezos blockchain. Like McLaren, Red Bull too cited the energy efficiency of Tezos as a primary motivator.