More

    Official Formula 1 NFT Game Closed – Tokens are useless

    Last month, F1 Delta Time, an official NFT and crypto-powered racing game that debuted in 2019, came to an end. Everyone who has invested money and time in the project is probably wishing they had spent it on something else. Fomrula 1 NFT game has gone haywire.

    On March 15, the game—which was one of the first licensed NFT products out there, years before other leagues and sports got involved in the scam—announced its termination, giving users… one day before the game shut down on March 16. If you haven’t watched F1 Delta Time and are wondering to yourself, “Wow, did I miss a fantastic Formula 1 racing game?!?!?” you haven’t:

    Formula 1 NFT game – Why was it special?

    Games crash all the time, but this one is noteworthy because it was once a major event, at least in this cursed universe! For instance, the most valuable NFT sold in 2019 was an automobile for this game, which sold for more than $100,000. You had an early test case for how NFT-powered games could operate when you combined the official F1 license with the promise of the possibility for users to “play to earn.”

    All game NFTs has gone useless

    However, because its owners, Animoca, have been unable to renew the F1 license, it has become a test case for what happens when a licensed NFT game dies. All of the money spent on vehicles and other items—some gamers would subsequently spend nearly $300,000 on a single transaction—seems to be useless now. The tokens themselves live on, but without the game for which they were purchased, they have no real worth.

    Fully aware of this, the developers promised owners of F1 NFTs that they would soon be able to obtain generic replacement tokens for a completely different racing game:

    How the developers are compensating?

    As part of our commitment to an open environment, we provide the following alternatives to F1® Delta Time asset owners:

    • All owners of F1® Delta Time vehicles will receive replacement cars, which are REVV Racing on Polygon equivalents based on the rarity and power of their original F1® Delta Time cars.
    • You can exchange your F1® Delta Time cars for a Race Pass, which can be used for staking and allows you access to future NFT mints and airdrops.
    • Our greatest reward pool to date will be available in Staking v4.0: 20 million REVV. To take part, you’ll need your new REVV Racing assets as well as a race pass. Staking activities will be announced in the future.
    • Reward segment owners will receive 6 months of rewards, with the opportunity to upgrade to Track Vouchers redeemable for a future REVV Motorsport track NFT.
    • On Polygon, 2019 crates and 2020 keys can be combined and stacked into a SHRD earning pool.
    • All other F1® Delta Time assets can be exchanged for Proxy Assets, which will be used to obtain NFTs for REVV Motorsport products in the future.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...