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Formula One team Red Bull Racing will terminate a multi-year sponsorship deal with blockchain collectibles platform Tezos.
Red Bull tapped Tezos’ services in May 2021 to help create bespoke NFTs available on its blockchain platform.
Being the team’s official blockchain partner, the Tezos logo appeared on Red Bull’s cars.
Tezos is no longer included on Red Bull’s list of partners featured on the team’s website and its logo was absent during team’s recent show run.
The Formula One outfit has yet to comment on the current status of the deal.
Tezos also has a multi-year agreement with the McLaren Racing Formula One team.
Meanwhile, Red Bull would remain associated with the Web 3.0 sector with its multi-year partnership with cryptocurrency exchange firm Bybit, reportedly worth US$50 million per year.
