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- NFT racing history will soon be witnessed by the world
- McLaren partnered with Tezos to build a Non-Fungible Token platform
- The racing firm chose Tezos for its goals by considering its energy saving consensus mechanism
- McLaren will be helping Tezos gain exposure by allowing its racing suits carry the blockchain’s branding
NFT also known as Non-Fungible Token, are something of a craze in the world of art and blockchain. In bids NFTs are being sold worth millions and billions of dollars. Celebrity tweet NFTs are being auctioned, digital arts and videos are being sold for millions of dollars. This year, Coinbase’s employees made NFT marriage rings and exchanged to carve their bond on blockchain.
Following the scenario, recently McLaren, a United Kingdom-based car racing firm, announced its plans related to NFTs. The racing firm wants to create a Non-Fungible Token platform. Hence, the firm partnered with Tezos to build the platform on its blockchain network.
Why does McLaren want to create the NFT platform?
McLaren announced on Thursday that the firm had collaborated with Tezos to roll-out a new NFT platform. Notably, the racing firm will list NFTs of the firm’s history, heritage, and famous drivers. To fulfill the goals the racing firm has considerably chosen a Proof-of-Stake (PoS) based blockchain.
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According to Lindsey Eckhouse, the director of McLaren, Tezos is uniting with the firm to bring a fan-focused NFT platform. Ultimately the firm wants to step in an exciting and rapidly growing crypto industry.
Indeed, Tezos has been powered by the PoS consensus mechanism. McLaren has noted that the type of blockchain is less energy intensive than Proof-of-Work that concerns many due to its heavy energy consumption. The racing firm used the consensus mechanism as the key point to choose Tezos and collaborate to work.
How will Tezos be benefitted by the partnership?
The partnership is made to work on and launch a NFT platform. However, the agreement also included that McLaren will help Tezos gain more exposure in return for its help. Notably, as part of the agreement, the race suits of McLaren will carry Tezos’ branding. The suit also includes Formula 1 and IndyCar drivers who will be carrying the blockchain’s branding.
According to Hubertus Thonhauser, the chairman of Tezos blockchain, McLaren has one of the longest legacies in racing. Indeed, it’s exciting to see such a firm bring its legacies to the Tezos blockchain.
McLaren is no new to cryptocurrencies
McLaren has also plans related to crypto assets before the NFT platform project. Late Q1 2021, McLaren announced that it has plans to create official fan tokens. Following the goals, the firm partnered with Bitci, a turkish crypto firm. According to the legendary racing firm, the coin was the first of its kind in the world of Formula 1 racing.
