Blockchain-based F1 Delta Time ready to auction Formula 1 game collectibles
A Formula 1 licensed blockchain-based game, F1 Delta Time, has announced it will be running an auction for ten Formula 1 branded digital collectibles and in-game assets. These collectibles are also game vehicles which can be used in the full racing game when it is released next year.
The game is being developed by Animoca Brands. The company is publicly listed in the US and Australia and based in Hong Kong. It brought us RollerCoaster Tycoon and has a partnership with CryptoKitties developers Dapper Labs.
As per the game’s Medium blog it’s running its “First ever F1® Delta Time Team Cars Pole Position Auction and Contest, with prize pool of 30 ETH and licensed F1® digital goods!”
The contest is free to enter and separate to the auction which will run on November 28, 2019.
It’s the auction that’s particularly interesting to the intersection of blockchain technology and gaming. It is a prime example of how in-game assets and accessories are being tokenized using blockchain technology and turned into non-fungible tokens (NFTs).
NFTs work in a similar way to cryptocurrencies and are transacted and recorded using a blockchain’s distributed ledger technology. With blockchain the ownership of NFTs can be immutably recorded and demonstrated outside of game. NFTs representing game items and collectibles can be bought, sold, and traded, offering a new revenue stream for game companies but also a way that gamers can truly own their game assets and even make money from the sale of them.
Given the number of Formula 1 fans and gamers, Animoca’s project is one to watch, though the game is still in development. The F1 Delta Time blog says:
“The very first official F1® team cars NFT auction starts on 28 November, when NFTs for all 10 official F1® team cars will go on auction at the same time. These NFTs are of Epic rarity* and will be usable in the upcoming official game F1® Delta Time.”
The starting price of each Formula 1 branded NFT is 30 Ether, the cryptocurrency native to the Ethereum blockchain, equivalent to $4,400 USD at the time of writing. In this instance, these first branded NFTs look likely to attract some serious buyers, F1 fans, or even investors.
The cars available are the Mercedes AMG W10, Ferrari SF90, Red Bull Racing RB15, McLaren MCL34, Renault R.S. 19, Racing Point RP19, Toro Rosso STR14, Alfa Romeo Racing C38, Haas VF-19, and Williams FW42.Each car will have its own performance indices ready for game play once available.
As per CoinTelegraph, Formula 1 signed the licensing agreement with Animoca brands in March 2019 ready for the game’s development. Both reportedly recognised the brand power of Formula 1 in bringing blockchain to the masses.
Blockchain-based cryptocurrencies and tokens are still very much under scrutiny by global regulators as they work out how to control this nascent financial sector and protect investors and financial systems. Ledger Insights has just reported that Animoca Brands is currently suspended from the Australian stock exchange because of outstanding concerns related to another blockchain game.