McLaren Racing signs NFT deal with Tezos
In a press release published today, the McLaren Formula 1 team announced it is teaming up with Tezos to build an NFT platform. As part of the agreement, the race suits of McLaren's Formula 1 and IndyCar drivers will have Tezos' branding. This is potentially a strong vote of confidence for Tezos, as McLaren is the second most successful formula-one team after Ferrari.
McLaren claims it has chosen Tezos because it is seen as more environmentally sound. The racing team explained that this is because Tezos uses a Proof of Stake protocol for validating its blocks, which is significantly more energy-efficient than Proof of Work alternatives, such as Ethereum.
Red Bull Racing Honda signed a similar deal with Tezos, which also included an NFT experience for their fans.
Aston Martin has been active in the crypto space as well, they have taken steps towards crypto adoption, signing a sponsorship deal with Crypto.com in March.
How Tezos could solve Ethereum's energy issues
The NFT space on the Ethereum network has grown in popularity in the last year, with highlights including the sale of Beeple's artwork for $60 million. However, with concerns about the environmental issues of Proof of Work chains, many companies have decided to avoid Bitcoin and Ethereum. The art showcase platform Artstation for example, had to rethink their plan to start an NFT platform after criticism from their users. This is one of the main reasons why Tezos has become a popular blockchain to build an NFT platform on.Proof of Stake technology allows it to be energy efficient and fit into the plan of many companies to go towards carbon neutrality. The number of artists moving some of their NFT collection to Tezos' NFT marketplace, such as Hicetnunc, has also increased.
Despite this, Ethereum still the leading smart contract platform in the NFT space. However, some environmentally conscious companies and artists seem to be waiting for it to move to Proof Of Stake before embracing its technology. NFT marketplace SuperRare, built on Ethereum, is even donating money to ETH 2.0 research to speed up the process.
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