Most of us are aware of Formula One racing, but have you heard of Formula E? Formula E features electric cars and is seen as a sustainable alternative to Formula One. Envision Racing has collaborated with a blockchain platform, Algorand, to create a special series of NFTs for the Formula E competition. The Formula E NFTs will be helmets representing one of the locations of the races.
The Formula E’s NFT Series
Eight special helmets will be featured in the Formula E NFT series. These helmets represent a location that organizes a Formula E race. The objective of this NFT series is to bring attention to sustainable innovations and create a healthier planet for future generations.
A total of 1,000 limited-edition NFTs are available for each of the 8 helmets. Funday, a creative agency, and 3D artist Adam Spizak have designed the helmets. Each helmet design represents recognisable visuals from the race locations, said Matty Schwartz, Creative Director at Funday. The significance of foliage growing on top of the helmets is to show the desire for a healthy planet.
The NFTs of a specific country become mintable a week before the race. City Edition NFTs will be displayed to the public with an opportunity to display special edition NFTs with utility rewards on race day. The rewards can be in the form of Silver or Gold editions.
Only one Gold Edition helmet is available per race. The Gold Edition holder is eligible to claim a special physical helmet with art designed to showcase their city. 9 Silver Edition helmets are available for each race. An Infinite Object digital frame featuring a city NFT can be claimed by Silver Edition holders.
A grand prize can be won by individuals who have collected all eight unique helmets. This grand prize is described as “the ultimate Formula E racing experience in 2023.”
The helmets are available now for the following cities:
- Vancouver
- New York
- Jakarta
- Monaco
- Berlin
- Rome
- Marrakesh
The cities of Seoul and London will also be available for minting in the next couple of months.
Formula E Championship
“A sustainable motorsport series featuring electric cars” is the best description for The ABB FIA Formula E World Championship. It is one of the fastest-growing motorsport series in the world today.
The debut series was launched in 2014 at the Beijing Olympic Park. The championship features 24 drivers and 12 teams today. Formula E secured its World Championship status at the beginning of the 2020/21 season, making it the only single-seater world racing series other than Formula One.
Algorand Blockchain
Algorand Blockchain is recognised as one of the greenest blockchains. It allows scalability and decentralization while remaining environmentally sustainable. Algorand is a payment processor and blockchain development platform. Users can create their blockchain projects and crypto assets using Algorand’s development platform. It also has its crypto token known as ALGO tokens.
A unique consensus mechanism known as Proof of Stake is used to operate the Algorand blockchain. Validators are not rewarded for staking under this mechanism. The risk of staked tokens being deducted is negligible. As there are no losses or rewards, there are consequently no incentives to cheat the system. Engaging with the crypto ecosystem is the only way to increase the value of your holdings.
Algorand is much more energy efficient than Bitcoin and Ethereum as it uses a pure Proof-of-Stake mechanism. Algorand has more carbon credits than it consumes, making it a carbon-negative network. All of the above factors make it one of the most sustainable blockchains.
Partnership with Envision Racing
Envision Racing competes in the ABB FIA Formula E World Championship every year. This year, it announced a multi-year partnership with the Algorand foundation. The objective of this partnership is to deploy sustainable blockchain solutions. Envision Racing has broadened its ‘Race Against Climate Change’ program with a partnership with the Algorand Foundation.
The NFT series helps them to further expand the program. Mangrove trees will be planted in Madagascar from all the proceeds of the NFTs. This will be the first of many programs bringing sustainable innovation to the sport.
Envision Racing has the honor of being the first carbon-neutral team in Formula E and has also won 11 races while securing 33 podium finishes in 84 races.
Final Thoughts
Envision Racing and The Algorand Foundation have taken a remarkable first step to work towards a sustainable and environmentally friendly future. Their initiative of creating visually appealing NFTs on a carbon-negative platform with the proceeds going towards sustainable programs is commendable. We are expecting new additions to the Formula E NFT series and are eagerly looking forward to other sustainable initiatives from this partnership.
