cryptocurrency storm has reached NASCAR and Formula One

  • While El Salvador nonetheless evaluates paying salaries through Bitcoin, NASCAR racing driver Landon Cassill has taken the plunge.
  • It is not stunning to see Cassill make the primary transfer, as he is all the time been a crypto fanatic.
  • Even Formula One is taking a step ahead with McLaren Racing unveiling its plans to construct a non-fungible token (NFT) platform on the Tezos blockchain.

Cryptocurrencies are present process a course of known as normalisation — it signifies that strategies that have been as soon as uncommon are actually changing into the norm. After
soccer and wrestling leaping onto the bandwagon, racing bigwigs NASCAR and
Formula One are taking the plunge as effectively.

While El Salvador — the primary nation to simply accept Bitcoin as authorized tender — remains to be evaluating whether or not or not it ought to dole out salaries within the type of cryptocurrency, NASCAR racing driver Landon Cassill has signed an settlement with
cryptocurrency alternate Voyager to obtain an entire cryptocurrency-backed compensation package deal.



This signifies that he shall be paid by means of digital belongings like Bitcoin and Litecoin solely. While the racer did not reveal the quantity, he did disclose that Voyager was paying the ‘market price’ regardless of an unorthodox fee methodology. Cassilll’s sponsorship deal contains 19 races, with the primary one starting at Nashville Superspeedway.
Meanwhile, Formula One is taking a step ahead with McLaren Racing
unveiling its plans to construct a non-fungible token (NFT) platform on the Tezos blockchain.

The platform will checklist NFTs illustrating McLaren Racing’s historical past, heritage, and well-known drivers. It contains all kinds of digital belongings or media information like artwork, music, digital buying and selling playing cards, memes, tweets, and way more. An
NFT gives provable possession and shortage of an asset, not directly including worth to it.

Landon Cassill has been a very long time supporter of cryptocurrencies

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It is not stunning to see Cassill make the primary transfer, as he is all the time been a crypto fanatic. His Twitter
feed is stuffed with crypto information, and he has beforehand spoken about mining Bitcoins in his basement. In addition, Cassill has lengthy been an
evangelist of the Litecoin Foundation and is an in depth buddy of the cryptocurrency’s creator, Charlie Lee.

“Landon has been a robust supporter of Litecoin and
cryptocurrencies for plenty of years, and this landmark deal exhibits the rising attain of the Litecoin group into the skilled sports activities world and, finally, past,” Lee mentioned in a press release. Cassill mentioned that he would possibly use the crypto in numerous methods and is not sure if he’ll maintain, use or promote.

Tezos pulls in its second Formula One staff

Tezos is an open-source
blockchain for belongings and purposes which might be constantly evolving with new upgrades. It’s primarily based on the proof of area idea, in contrast to Bitcoin’s proof of labor mannequin, which requires an incredible quantity of vitality.

Before McLaren got here into the image, Redbull’s Formula One staff additionally teamed up with the blockchain to leverage NFTs round three weeks in the past.

Moreover, Formula One and Animoca have a blockchain recreation known as F1 Delta Time. Last yr, the sport developer began auctioning NFTs for official staff vehicles as collectables.

Racing is simply the latest sport to dive into world of cryptocurrency

While Bitcoin has been round for nearly a decade, it only in the near past gained
acceptance as authorized tender in El Salvador. Not way back, the fever reached Wall Street, and we’re now seeing cryptos being bundled with Exchange Traded Fund
(ETFs).

Similarly, the feeling can now be felt in sports activities, with extra and extra people and manufacturers getting on board. Football
groups like Manchester City, PSG, Barcelona, and AC Milan have launched their very own tokens, and they’ve a singular use case. Fans can leverage these tokens to take part in a membership’s decision-making course of, promotional campaigns, video games, votes, and extra.

Likewise, AEW star MJF turned the primary professional wrestler to launch his personal cryptocurrency.

SEE ALSO:
Here’s how El Salvador’s Bitcoin experiment is enjoying out up to now — the nice, the unhealthy and the ugly

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About the Author: Daniel