F1 Delta Time – a blockchain-based game developed by Animoca Brands in partnership with Formula 1 – has held its first auction for a non-fungible token, selling it for a remarkable 415.9 Ether, which was worth roughly $110,000 at the time of sale.
Animoca Brands is a Hong Kong-based game developer which recently secured a global licensing agreement with Formula 1. The agreement means Animoca Brands can develop and publish a blockchain-based F1 game revolving around non-fungible tokens (NFTs).
An NFT is a unique type of token that cannot be replicated, which in turn gives each token intrinsic value and exclusivity. NFTs have become an important selling point for blockchain games, with F1 Delta Time recently auctioning its first NFT – the ‘1-1-1’ – which is a unique racing car to use in the game.
The F1 Delta Time team announced the news on Twitter, stating:
“1-1-1 is now GONE at 415.9 Eth with an expected new challenger in the game. Phew… where’s the safety car for all this? Congratulations to the winner!”
1-1-1 is now GONE at 415.9 ETH with an expected new challenger in the game. ??
Phew… where's the safety car for all this? ?️ Congratulations to the winner! ? pic.twitter.com/0xnMpXHHw9
— F1® Delta Time (@F1DeltaTime) May 27, 2019
The game is tipped to tap into Formula 1’s ginormous fan base – which includes an audience of roughly 1.6 billion viewers and 506 million global fans.
It has already attracted some of the world’s biggest commercial brands with notable names including Rolex, Pirelli, DHL, Emirates, and Heineken. It also has media rights partnerships with global broadcasters such as Sky, Fox Sports, and ESPN.
F1 Delta Time, if successful, should help foster deeper global awareness of blockchain and cryptocurrency technology.
Interested in reading more Formula 1-related news? Discover more about Red Bull Racing’s strange new partnership with Futurocoin.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.