McLaren Racing Offering Formula One NFTs Ahead Of US Grand Prix

A leading racing team is getting into the world of non-fungible tokens.

What Happened: McLaren Racing is partnering with the Tezos proof of stake network and Sweet, a leading enterprise NFT solutions provider for the launch of NFTs.

This marks the first integration of Tezos with Sweet. The partnership will enable less-crypto savvy McLaren Racing fans to get into the NFT market.

McLaren Racing NFTs will launch on Sunday, Oct. 24 at the U.S. Grand Prix in Austin, Texas.

Related: Watch Benzinga Test Drive The 2021 McLaren 720S

Why It’s Important: McLaren Racing fans will be able to collect McLaren F1 car parts to build their own NFT McLaren F1 car. Each car part will have a varying scarcity and only 35 complete NFT cars can be assembled.

“McLaren Racing is revolutionizing the digital collectibles space by providing fans with unprecedented views of the MCL35M car parts as true 3D NFTs that can be spun around, fidgeted with and viewed from all angles,” the company said.

A complimentary McLaren Racing NFT is offered for the first 5,000 fans who visit the website before Oct. 24. The first batch of NFTs includes the left-wing mirror, right-wing mirror, front right wheel and front left wheel. A total of 22 car parts will be released in the series in five stages.

Unique fan experiences can be unlocked through the collecting of the NFTs and building the McLaren F1 car. The first person to complete a full MCL35M car wins a VIP trip to a Formula One Grand Prix event in 2022.

“This will be the first of many drops and campaigns, as the team looks to integrate this marketplace into McLaren Racing’s long-term fan engagement strategy,” the company said.

Sweet’s roster of NFT partners includes the National Hockey League, the National Basketball Association, Burger King, Estee Lauder, Lil Pump and Pentatonix.

The U.S. Grand Prix is currently the only U.S. Formula One annual race. Formula One is publicly traded as Liberty Formula One Group FWONA.