McLaren Racing enlists Tezos for NFT platform launch

Tezos has been designated as McLaren Racing’s official technical partner in a new multi-year technical partnership across Formula One, INDYCAR and esports. 

As part of the tie-up, McLaren will use the Tezos network – an open source blockchain for assets and applications – to create a non-fungible token (NFT) platform, bringing together the motorsport team’s ‘illustrious racing heritage’ and renowned driver line-ups across its multiple teams.

A continuously evolving blockchain, Tezos upgrades itself through efficient on-chain governance and the Proof of Stake mechanism is a significantly more energy-efficient approach to securing its network, using two million times less energy than Proof of Work networks like Bitcoin and Ethereum. 

“McLaren Racing has one of the longest and most illustrious legacies in racing, and we are excited that they have chosen to bring it to the Tezos blockchain through their NFT Fan engagement platform,” remarked Hubertus Thonhauser, Chair, Tezos Foundation.

The concept of blockchain is evolving, becoming faster, more secure, and more efficient. This requires a blockchain that can keep up with this rapid pace of innovation. As brands everywhere look to engage with their fans in new ways, Tezos, the original and fastest evolving blockchain, remains at the forefront of innovation, providing real-world solutions in a thriving and fast growing ecosystem.”  

As part of the partnership, the Tezos brand will be represented across the McLaren Formula One and Arrow McLaren SP teams, including on the race suits of McLaren F1 drivers Lando Norris and Daniel Riccardo, and AMSP drivers Pato O’Ward and Felix Rosenqvist.

In addition, Tezos will also serve as the presenting partner of the McLaren Shadow esports team.

Lindsey Eckhouse, Director, Licensing, Ecommerce and Esports, McLaren Racing, said: “Tezos and McLaren Racing uniting to create a unique fan-focused NFT platform is an innovative step in an exciting and rapidly developing industry.

“At McLaren we are known for putting fans at the heart of everything we do, and this is another partnership which allows us to enter a space where fans can own key pieces of our team. We are looking forward to launching the platform with Tezos to create bespoke NFTs with our Formula One, INDYCAR and esports teams.” 

The announcement comes as new research published by TickPick shows that more than one in 10 sports fans have purchased the NFTs during the COVID-19 pandemic, as sports teams and leagues look for new ways to stay connected to fans.

Similarly, athletes and sports stars have begun to leverage the digital collectibles to monetise their fanbases.