The Le Mans Virtual racing esports championship has launched a unique way of purchasing unique digital art, in partnership with Algorand.
The online storefront will play host to collectable non-fungible tokens (NFTs) from, and related to, the Le Mans Virtual Series and 24-hour race. These will be in the form of distinct video clips and artworks, encompassing various highlights from the virtual races.
This will be the first of its kind initiative for an event of this type, paving the way for similar initiatives in the future.
What’s an NFT?
A non-fungible token (NFT) is a limited quantity digital item. Each NFT is particular, there’s only one. Think of it as an artwork, where the original is more valuable than the prints.
The ownership is verified and stored on the associated digital ledger, otherwise known as blockchain.
Examples of NFT mediums are video clips, audio and images.
In December 2021, digital artist Pak’s The Merge, sold to multiple shared owners for $91.8 million – a new record.
What’s available on the LMVS service
As of the launch day, Friday 14th January 2022, all NFTs available via the Le Mans Virtual Series exchange will be free to all – but by the very nature of this ilk of tokens, will be limited in quantity.
Video clips of the Le Mans Virtual Series highlights will be up for grabs, alongside exclusive artwork of the Oreca LMP cars used in the events. For example, the car in a wireframe form, or the outline in neon.
In the future, plans are being worked on for premium items for a fee and then, further down the line, there’s the potential for a native secondary NFT marketplace.
Limited-time free Traxion.GG NFT
To celebrate the launch of the Le Mans Virtual platform, there are 10 ‘Legendary’ Traxion.GG art pieces available. They are free, and the redeemable codes are at the bottom of this article. First-come first served.
How Algorand’s NFT system works
The Le Mans Virtual Series NFT marketplace will utilise the scalable Algorand blockchain and its proprietary pure proof of stake consensus algorithm.
This ensures that the network remains fully decentralised – meaning it does not have a powerful central point of control – without sacrificing speed or security.
In addition, unlike other blockchains, energy consumption on Algorand is negligible, as the first blockchain to announce it will forever be carbon negative.
Once purchased, the clips live on any number of cloud-based services or your own native hardware, but the pointer that lives on Algorand is your attestation of ownership.
The use of NFTs in gaming
The use of NFTs in gaming and tech applications is an often-debated topic – as is often the case with a new and emerging market.
There’s little doubt though, that their popularity looks to be increasing. Earlier this week at the Consumer Electronics Show in Las Vegas, Samsung announced its Smart Hub, an NFT trading and management app natively within its Smart TVs.
Earlier this year, the Chief Executive Officer of gaming giant Electronic Arts stated that “[players] want more digital experiences outside the game – esports, NFTs, broader sports consumption and they want us to move really, really quickly.
“It’s still early to kind of figure out how that’s going to work,” he added.
While the gaming industry makes its first exploratory steps, it’s hard to know definitively what form NFTs will take for most players or whether ‘decentralised gaming’ will come to the fore, but the partnership between Le Mans Virtual and Algorand is the first step in this emerging arena.
Algorand, motorsport and the environment
Algorand has partnered with the Le Mans Virtual Series and 24 Hours of le Mans Virtual as it links together the fast-paced blockchain technology with the equally rapid pace for virtual motorsport development.
Both arenas are pushing the boundaries of what’s possible in an evolving segment, where being at the cutting edge is paramount.
To that end, the Algorand Foundation – a non-profit sister organization to Algorand Inc – is a partner of the Envision Racing Formula E team. The ‘Greenest blockchain’ with ‘the Greenest Team on the Greenest Grid’.
There has been some discussion over the environmental impact of NFTs – to this end, initial analysis suggests that Algorand is two million times less emitting than other blockchains, and, thanks to its partnership with ClimateTrade, offsets the network’s remaining energy usage with carbon credits.
Limited-run Traxion.GG NFT codes
Image: Motorsport Images