To celebrate its Formula 1 history, Honda intends to distribute exclusive NFTs to fans during upcoming races in Japan.
At the Formula 1 Honda & Red Bull Welcome Event in Tokyo on Sept. 20, Honda will give away limited-edition NFTs to attendees. Fans can enter a lottery to purchase event tickets and have a chance to get these unique digital collectibles.
Honda collaborated with Animoca Brands Japan, Gryfyn, and GET Protocol to launch Honda KEY NFTs at the Japanese Grand Prix from Sept. 21-24. Attendees at the Suzuka Circuit can collect these NFTs and other rewards at the Honda booth.
The Honda KEY NFTs will grant special privileges at upcoming Honda events and partnerships. These digital tokens serve as passes, offering holders VIP treatment, exclusive content, and more.
Gryfyn, a division of Animoca Brands specializing in linking brands with fan communities, will manage the Honda KEY NFTs in its digital wallet. This crypto wallet securely stores digital assets such as NFTs and cryptocurrencies, making it easy for fans to access their Honda NFT rewards.
Honda Teams Up with GET Protocol for NFT Tickets at Formula 1 Event
GET Protocol, known for assisting the Dutch Grand Prix in launching ticket-linked NFTs, is partnering with Honda to provide NFT gifting at an upcoming Formula 1 event. These NFTs will represent event tickets and serve as collectible memorabilia for attendees, helping combat scalping and counterfeit tickets.
As Honda’s involvement in Formula 1 comes to a close, the company is using web3 technology to celebrate its motorsport history and build enduring connections with fans. This move reflects the growing influence of blockchain and NFTs in the world of sports and entertainment.
Japan's Honda Motor said it is quitting Formula 1 to focus on developing zero-emission technology https://t.co/h8vHAz8DfF pic.twitter.com/cIHxdnWOAe
— Reuters (@Reuters) October 2, 2020
During these memorable Japanese events, the exclusive NFTs will serve as digital keepsakes for those who took part.
Web3 represents the next phase of internet technology, characterized by blockchain technology and decentralized applications. Innovations like NFTs and crypto wallets exemplify the advancements in web3.
Honda’s Partnership and Tezos Blockchain
Honda’s collaboration with Formula 1’s Red Bull Racing team extends the relationship between Red Bull Racing and the Tezos blockchain. Back in 2021, Tezos was designated as the official blockchain for the Red Bull Racing Honda team. This partnership aimed to establish an NFT platform for enhancing fan engagement.
The choice of Tezos was influenced by its energy efficiency and commitment to carbon neutrality, aligning with the environmental goals of the racing team. Tezos employs a green consensus mechanism known as proof-of-stake, which doesn’t rely on resource-intensive computing or specialized hardware for generating blocks.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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