Formula 1 NFT Game to Cease Operations After License Expires

In 2019, Formula 1 became among the first sports leagues to explore the blockchain industry following the launch of the F1 Delta Time game developed by Animoca Brands. However, after three years of operation, the company recently announced that it was unable to renew its license with the racing league, which has led to the end of the game.

According to data from OpenSea, only around 1,800 wallets are in possession of NFTs from the game. Nonetheless, it opens up the issue of where the assets of these users will go, particularly as the crypto game was shut down primarily because of a decision made by the IP holder.

Animoca Brands has since affirmed that NFT owners will be offered replacement tokens in REVV Racing — another crypto game by the company — along with other perks and rewards as they continue to build a gaming ecosystem around the REVV token. “It is with deep regret that we announce that F1® Delta Time will cease operations on 16 March 2022. While we have not been able to renew our license, we will ensure that current owners of F1® Delta Time assets are rewarded for their loyalty and support,” tweeted the F1 Delta Time account.

Owners of F1 Delta Time tokens will receive NFT cars in REVV Racing as well as REVV Racing assets, which may help them earn REVV token rewards. REVV Racing is an unlicensed NFT driving game that runs on Polygon. Animoca Brands has also developed other games that make use of REVV tokens such as licensed games MotoGP Ignition and Formula E: High Voltage and the unlicensed game Torque Drive.

F1 Delta Time held its place among the very first crypto games that launched on the market where individuals who were already dabbling in NFTs made considerably large bets. In May 2019, Vignesh Sundaresan — also known as MetaKovan — paid close to 416 WETH (Wrapped Ethereum) or around $113,000 at the time to acquire the game’s single-edition “1-1-1” car. This marked the largest gaming NFT sale of that year.

Later in March 2021, Animoca and F1 Delta Time introduced the “70th Anniversary Edition” NFT car which was had a price of REVV tokens equivalent to $265,000 but was later sold for $1.8 million worth of in-game track segments. Despite this, the game has not necessarily had much success in secondary trading compared to other NFT games like Axie Infinity.

Source: Decrypt