Formula 1’s blockchain game F1 Delta Time announced it is auctioning non-fungible tokens (NFT) for 10 official team cars. NFT’s are tokens that represent unique items, often collectibles, as opposed to regular tokens which are more like interchangeable currencies or stocks.
For the game, Formula One has granted a license to game developer Animoca Brands, a Hong Kong company listed on the Australian Securities Exchange, but the securities are currently suspended. The suspension in part relates to queries about the accounting for an ICO relating to another game.
The F1 game and collectibles
F1 Delta Time is based on the Ethereum blockchain and uses ERC-721 (non-fungible) and ERC-20 standards. The game allows users to own official F1 digital collectibles of cars, drivers and numerous components, which are NFTs and tradable in the game.
All the F1 team cars will be involved in the upcoming auction. The NFTs are produced in limited quantities depending on their rarity and have unique racing attributes. There are five rarity levels for racing cars in the game — Apex, Legendary, Epic, Rare and Common. The NFTs going on auction will all be of Epic rarity.
In the future, the NFTs will be used to enable players to drive in a game that’s expected to be released next year.
The matchup of a blockchain game with F1’s technophile audience has the potential to be a profitable one.
Animoca Brands has already sold some F1 digital collectible tokens. Back in October, it announced an auction of the “Japan Edition 2019”, an F1 NFT car celebrating the ‘Reiwa’ era in Japan. Before that, it had three separate auctions. Animoca claims the first in May raised 415.9 ether (currently $61,553), in June a “Monaco Edition 2019” car secured 108 ether ($15,984 ) and in July a “France Edition 2019” was bought for 96.6 ether ($14,297).
While these seem like reasonable revenues for single virtual cars, token sales have caused Animoca some headaches.