Tezos is now 70% lower from the highs of May at $8.00 with the coin now trading at $2.40. The project has now partnered with the Formula 1 racing franchise for energy-efficient NFTs.
Formula 1 team McLaren Racing has announced that it will partner with Tezos to launch a range of non-fungible tokens (NFTs) to mark the team’s heritage. As part of the partnership, the blockchain projects logo will feature on the team’s vehicles and race suits.
Tezos will now be McLaren Racing’s Official Technical Partner in a “multi-year partnership” across Formula 1, Indycar, and esports, with a view to building an NFT platform “with fan experience at its heart”.
This partnership could be a game-changer for the project as it may expand out to McLaren’s commercial vehicles.
Lindsey Eckhouse, director of licensing, ecommerce and esports at McLaren, said the new partnership was “an innovative step in an exciting and rapidly developing industry,” that will enable fans to interact with the team.
McLaren have likely been inspired by the success of other collectibles, such as basketball collectible series NBA Top Shot.
The company building NBA Top Shot, Dapper Labs, saw itself gain a $7.5bn valuation. The Tezos project currently has a $2bn valuation, so there is room to gain on the McLaren tie-up alone.
The Tezos price has slumped from the May highs at $8.00 and now trades at $2.39. The coin is setting up a potential double bottom at this level with a move above the $3.00 level setting up a further move to the $4.00 level with the 50-day moving average. A move below the current support would open up further lows in a channel formation, which could see the coin back below a dollar.
Tezos is a blockchain designed for smart contracts. Despite some similarities to Ethereum, Tezos wants its platform to offer something better and more advanced. ETH is currently undergoing a tricky development upgrade to change to a PoS model, which Tezos already has. The XTZ protocol is less energy-intensive than the Proof of Work (PoW) protocol.