Formula 1 racing giant McLaren Racing Limited has announced Tezos ($XTZ) as their Official technical partner to launch a series of Non-fungible tokens (NFTs). This marks the entry of McLaren to crypto and NFT industry.

McLaren Joins Red Bull and other Racing Companies using NFT

McLaren is not the first racing company to enter the rising NFT industry. Previously, Red Bull and MotoGP have already announced their series of NFT collections.

Tezos ($XTZ) blockchain is currently among the most popular choices for racing giants as they have landed big partnerships with first Red bull and McLaren. The major advantage cited being Tezos Blockchain’s energy efficient and upgradable network.

We are excited to welcome @Tezos, the world’s most advanced blockchain, as our Official Technical Partner. 🤝

McLaren will use the energy efficient and upgradeable Tezos network to create a series of non-fungible tokens (NFT) across F1, INDYCAR and esports.

— McLaren (@McLarenF1) June 17, 2021

NFTs are a great way for racing companies market world famous moments and connect with audience globally and is clearly fueled by coronavirus pandemic. As they Covid19 has restricted outdoors tournaments, organizers are exploring more and more innovative ways to stay in touch with audience.

About Author

Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com