- An auction of F1 car-branded non-fungible tokens (NFTs) is being held later this week by Blockchain game F1 Delta Time.
- Each of these non-Fungible tokens can be used in the upcoming F1 Delta game.
- The prices will start at 30 Ether (ETH).
An auction of F1 car-branded non-fungible tokens (NFTs) is being held later this week by Blockchain game F1 Delta Time which is licensed by the world-renowned racing series Formula 1. The announcement was made on November 22 saying that the auction will be held on November 28 with fans who will be able to participate in a live contest and compete for a variety of prizes.
F1 has an enormous viewership with 1.6 viewers on television across 180 territories and has around 506 million fans all over the world.
Non-fungible tokens do not function like ordinary tokens. They represent something unique and therefore, are not interchangeable. They are used specifically in applications that require unique digital items like crypto-collectibles and crypto-gaming. They also vary in their level of rarity.
F1 has 5 distinct levels of rarity for the 10 official racing cars set for each individual auction. Each of these non-Fungible tokens can be used in the upcoming F1 Delta game and they will be auctioned all at the same time in a descending Dutch format. The prices will start at 30 Ether (ETH).
The auction will have all F1 branded team cars including 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.
The announcement mentions that all cars’ performance indices are similar and will be disclosed next week.The contest is currently inviting fans to predict the order of sale for the F1 team cars, with prizes including 30 Ether and various types of F1 Delta Time Car Gear NFTs.
The development of the F1 Delta Time Game was launched after Formula 1 signed a global licensing agreement with Animoca Brands, which is a blockchain startup, earlier this year in March. They underestimated the sheer brand value of Formula 1 and how this agreement could further broaden consumers’ access to the blockchain.
Atari, the creator of the iconic videogames Tetris and Pac Man also signed a licensing agreement with Animoca. After Atari announced that it would be investing in cryptocurrency its share price increased by over 60%.
Ethereum co-founder Vitalik Buterin commented this arrangement by saying that non-financial blockchain applications can face hindrances in gaining more traction and identified developments such as NFTs and gaming as potential areas that make the technology more appealing.