Image Credits - Planet F1
Formula One team Red Bull had roped in Tezos as its official Blockchain partner in 2021
Red Bull Racing have officially removed Blockchain company Tezos from its list of official partners. Tezos is a decentralized platform for building and using blockchain-based applications, created in 2014 by Arthur and Kathleen Breitman. Red Bull has ended the multi-year partnership, suggesting that there could be a possible fallout between both parties.
One of the chief reasons behind this removal could be the rapid decrease in the worth of NFTs in the recent past. Red Bull Racing and F1 racing companies are highly profit-oriented and they might have canceled the partnership because NFTs are not as lucrative as they appear on paper. However, Red Bull is still in partnership with another NFT company – By bit. The F1 team is yet to release an official statement on this issue.
Formula one has seen a rapid increase in the number of Crypto sponsors in the recent past
Crypto-based companies are dominating Formula one and their emergence as sponsors has taken place rapidly in a short time. Cryptocurrency companies sponsors six cars of the different teams, including Binance, By bit, Fantom, FTX, Crypto.com, Tezos, and others. The breakthrough deal between F1 and crypto companies happened in 2021 when a five-year deal that totals more than $100 million was signed between Crypto.com and F1. Crypto.com is a platform that allows users to buy and sell cryptocurrencies.
Statistics show that around 80 percent of F1 teams have at least one cryptocurrency partner, besides Formula One Group itself, which has its own $100 million deal with Crypto.com. Besides emblazoned logos across drivers’ uniforms and cars, F1 teams are also getting into cryptocurrency themselves. Several teams now offer fan tokens — team-specific cryptocurrency assets that can be earned, traded, and used to pay for experiences or rewards assigned to individual car parts.
More Formula One news:
Follow our dedicated Formula One page for instant Formula One news and updates