Honda's NFT Debut at Japanese Formula 1

Honda, in a bid to celebrate its illustrious Formula 1 history, is gearing up to introduce special edition NFTs for fans during the upcoming races in Japan. 

During the Formula 1 Honda & Red Bull Welcome Event in Tokyo on September 20, Honda has plans to distribute these limited-edition NFTs to all attendees. However, there's a catch. Fans wishing to get their hands on these digital collectibles need to enter a lottery to purchase event tickets.

Honda isn't launching into the NFT space alone. They've teamed up with Animoca Brands Japan, Gryfyn, and GET Protocol to launch the Honda KEY NFTs during the Japanese Grand Prix from September 21-24. Attendees visiting the Honda booth at the Suzuka Circuit will have the opportunity to redeem these NFTs and other exciting rewards.

The Honda KEY isn't just a digital collectible; it's a gateway to exclusive experiences. These tokens act as digital keys or passes, granting holders special access, VIP experiences, exclusive content, and a range of other benefits at future Honda events and collaborations.

Ensuring the security and accessibility of these NFTs is crucial. Gryfyn, an Animoca Brands subsidiary, will host the Honda KEY NFTs in its digital wallet, allowing fans to store and easily access their digital rewards securely.

GET Protocol, known for its work with the Dutch Grand Prix, will aid Honda in the NFT distribution process. By minting NFTs that represent event tickets, GET Protocol offers a solution to combat ticket scalping and counterfeiting, turning tickets into collectible memorabilia.

As Honda concludes its chapter in Formula 1, the company is turning to web3 technology to pay tribute to its motorsport legacy and foster deeper connections with its fanbase. These NFTs will stand as digital keepsakes for those fortunate enough to be part of these iconic Japanese events.

Honda's NFT initiative isn't its first encounter with blockchain technology. In 2021, the Formula 1 team Red Bull Racing partnered with the Tezos blockchain, naming it the official blockchain for the Red Bull Racing Honda team. 

One of the driving factors behind Red Bull's choice of Tezos was its energy efficiency and commitment to carbon neutrality. Tezos operates using a proof-of-stake consensus mechanism, which is energy-efficient and doesn't demand intensive computing power.