Animoca Brands has announced its partnership with racing behemoth Formula 1 to develop a blockchain-based game called F1 Delta Time, according to a recent press release.
The Hong Kong-based game developer has secured a global licensing agreement with Formula 1 to develop and publish the blockchain-based game revolving around non-fungible tokens (NFTs).
An NFT is a special type of cryptographic token that represents a unique value and is not interchangeable.
The move should see Animoca Brands tap into Formula 1’s huge fan base, which has an audience of roughly 1.6 billion viewers and 506 million global fans.
The sport attracts some of the world’s largest commercial brands including Rolex, Pirelli, DHL, Emirates, and Heineken and boasts media rights partnerships with broadcasters such as Sky, Fox Sports, and ESPN.
Back in 2016, Formula 1 was acquired by Liberty Media – a multinational company with operations in 30 countries. Since then, Liberty Media has embarked on a quest to grow the sport.
It aims to do this through partnering with the world’s most innovative companies, making significant investments in new technologies, and widening access to content alongside cultivating deeper fan engagement.
The partnership with Animoca Brands should help foster the deeper fan engagement Liberty Media is seeking.
The deal is also part of Animoca Brands’ vision to board the next billion people on to blockchain.
Yat Siu, co-founder and chairman of Animoca Brands, commented: “Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement.
“We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”
The first phase of F1 Delta Time is set to be released on May 10 2019 with additional phases to follow.
The move, if successful, should help bring deeper, global awareness to blockchain and cryptocurrency technology.
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