Animoca Brands successfully established a partnership with Formula 1® to develop and publish the Blockchain Game ‘F1® Delta Time’ based on Non-Fungible Tokens (NFTs). NFTs are unique tradable tokens that are built on Blockchain.
The first phase of the game is set to be released in 40 days on 10th May 2019.
Global License Agreement
The Global License Agreement signed between Formula 1®, and Animoca Brands will enable Animoca Brands to develop a blockchain game that would utilize all the original brand names like DHL, Rolex, Mercedes, Ferrari and so on.
With the proper licensing agreement Animoca Brands will also be able to provide a real-world blockchain gaming experience. Blockchain would add security, privacy, and monetization to the experience.
Yat Siu, co-founder and chairman of Animoca Brands said: “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.”
Formula 1 NFTs
A Non-fungible Token (NFT) are unique cryptographic tokens that can be traded on the market; however, cannot be mixed with other tokens. The Formula 1 NFT is determined to change the racing experience with Blockchain gaming.
Each participant will hold NFTs; NFTs will represent cars, drivers, other racing components. Since the NFTs are unique, each player will have full ownership of that attribute. It might be a particular shade of the color of the car or even essential components like engines and radiators. On race day specific unique surprise attributes will also be given to the participants. This is a significant part of inducing chance and excitement through Blockchain Gaming.
Blockchain gaming on NFTs will provide a gaming experience that is personalized, secure and which can be monetized as well. Currently, there are limited games which also offers the opportunity to earn. Nevertheless, e-gaming is a sport that is zealously practiced by many individuals all over the world. Hence, Blockchain Gaming can revolutionize e-gaming space altogether. With a major partnership with Formula 1®, Blockchain Gaming has already started to
Recently, Vitalik Buterin also emphasized the potential of NFT application in Blockchain Gaming. He expressed his vision at #Token2049 to develop a standard protocol to create a network sharing effect with NFTs.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com