Tezos, the independent blockchain for building blockchain dApps, has lost its partnership with renowned Oracle partners Red Bull Racing. Tezos became the official partner of this huge motor racing team on May 21, 2021.
In an article published by Red Bull Racing announcing the partnership, it was clear that it would be a multi-year partnership. The fact that Tezos is no longer a partner of this prestigious team after less than two years of partnership shows that a rift may have arisen between the two parties.
Red Bull Racing and Tezos
Tezos is a decentralized platform for building and running blockchain-based applications, founded in 2014 by Arthur and Kathleen Breitman. Red Bull Racing, on the other hand, is a Formula 1 racing team in Britain. It is owned by Austrian beverage manufacturer Red Bull.
Red Bull Racing is one of the hottest teams in the sport right now and partnered with Tezos in May 2021 in hopes of bringing the first-ever NFT experience to its fans. Many have differing opinions as to why the partnership came to an abrupt end. Here is some:
Some are of the view that Tezos has completed the task they teamed up on and that is why the deal has come to an end. This assumption is based on the fact that the Red Bull Racing team published its NFTs on the Tezos blockchain in early November 2022.
Some fans also believe there have been strategic changes within the company following the death of the former Red Bull CEO a few months ago. These changes by the new management resulted in the removal of Red Bull Racing from the list of partners.
Also, the fact that Red Bull Racing and Formula 1 are very lucrative leads to the conclusion that they ended the partnership because NFTs are not as lucrative as they appear on paper.
The Red Bull Racing team has not yet issued an official statement. However, the fact that they maintain their partnership with Bybit (because NFTs are listed there) might say a lot about how RBR is handled.
Vincent Munene is a freelance writer and blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return he wants to educate people and update them on all things blockchain. He is a biochemist by profession and also enjoys playing the piano.