Ethereum-based Formula 1 NFT Game Announces Shutdown

UTC by Bhushan Akolkar · 2 min read
Ethereum-based Formula 1 NFT Game Announces Shutdown
Photo: F1 Delta Time / Medium

Animoca Brands announced that it is shutting down the operations of F1 Delta Time and will allow users to swap their NFTs against REVV NFTs.

Almost three years since its launch in 2019, licensed Ethereum-based Formula 1 NFT Game – F1 Delta Time – will be closing down completely. F1 was one of the first premium sports leagues to enter the blockchain space.

On Tuesday, March 15, Animoca Brands made this announcement of an abrupt shutdown stating that it will cease all operations by the end of Wednesday. The F1 Delta Time Game was also among the first to sell the NFT even before it gained much popularity.

Its car NFT 1-1-1 dubbed MetaKoven sold for a staggering $111,000 back in 2019. Later in 2020, F1 Delta Time also sold track segments during the Formula 1 Grand Prix de Monaco while netting 9 million REVV or $223,000.

The F1 Delta Time NFT collection has a total of 40,500 assets distributed across 1800 users. Well, then with such a good response, why did Animoca Brands shut it down abruptly? In the blog post, it mentions that they haven’t been able to renew the license.

But Animoca Brands is not leaving the NFT owners midway. The company is willing to give the NFT owners replacement NFTs for other racing games in addition to other tokens and benefits. The official blog post mentions:

Whilst 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. We are taking measures to offer players and asset holders ways in which they can participate in the wider REVV Motorsport ecosystem, which includes MotoGP™ Ignition, Formula E: High Voltage, REVV Racing, and Torque Drift. We begin to outline some of these measures below.

The REVV Ecosystem

Animoca Brands Holds multiple gaming in its REVV ecosystem which makes it easy for them to switch the F1 Delta Time Gamers to REVV Racing. The REV Racing is another unlicensed scaling game that runs on Ethereum’s sidechain scaling solution Polygon.

All the owners of the Delta Time cars shall receive NFT cars in REVV racing in exchange. Furthermore, users can use these REVV racing assets to earn REVV token rewards in this new staking pool. Apart from REVV racing, there are other games developed by Animoca Brands that use REVV tokens including some licensed crypto games such as Formula E and MotoGP ignition.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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