McLaren Racing’s Formula 1 team has partnered with Turkish cryptocurrency exchange Bitci.com to launch the team’s official fan tokens. This will be the first fan token initiative in Formula 1, although there is already an NFT (Nonfungible Token) deal in place.
The tokens are available in the Bitci chain. As the project has not yet started, the benefits of owning McLaren fan tokens or which fans they can be exchanged for have not yet been disclosed.
We can expect similar benefits to other sports where fan tokens are more common, such as. B. football. Manchester City recently signed a $ CITY fan token deal with Socios.com, which will allow token holders to collect rewards, access promotions, play mobile games and vote on the club’s polls.
For Bitci.com, the partnership means that the logo will appear on racing cars and driver helmets.
Like many other sports, Formula 1 was significantly affected by the Covid 19 pandemic. It had to postpone and even cancel races, limit ticket sales for the coming season, and operate with limited advertising spending in a recovering economy. Blockchain solutions like collectibles and fan tokens are a way to open up new sources of income and explore different ways to motivate fans.
The sport already has a blockchain game called F1 Delta Time, developed by Animoca. Last year Animoca announced it was auctioning non-fungible tokens for official team cars as collectibles. F1 Delta is licensed by Formula 1, similar to NBA Top Shot, which Dapper Labs operates under license from the entire NBA league, unlike individual teams. Another collector company is Sorare, which has been particularly successful in signing football teams for non-fungible tokens that can be used in fantasy games.
The difference to a fan token is that it is fungible, so all tokens are the same. In contrast, non-fungible tokens (NFTs) represent an interest in a particular item, often a collector’s item. Both NFTs and fan tokens are tradable.
After the McLaren Fan Token is announced, it will be interesting to see if more racing teams sign individual blockchain deals.