F1 Delta Time is a licensed Ethereum-based game from Animoca Brands, and the team behind this game is set to shut the project down this week.
Formula One: Sports Trendsetters
Formula One was one of the first sports leagues to embrace the blockchain space, and as far back as 2019, it partnered with Animoca Brands to release the F1 Delta Time game. Formula One is a sport that must embrace creativity to succeed.
Teams competing in Formula One know that the best way to get ahead of the pack is to go above and beyond in Research & Development. With that in mind, the F1 is no stranger to new technologies, and that’s one of the reasons why the management team behind the F1 realized the potential of blockchain-based games before the COVID-19 pandemic became a thing.
In more ways than one, Formula One is a trendsetter among other sports leagues in the Motorsport world and beyond. After partnering with Animoca Brands to release one of the first successful blockchain-based games, Formula One has made more moves that have entirely made it a powerhouse in the sports-NFTs space.
Animoca Brands Surprise Announcement
Animoca announced the news on Tuesday, 15 March 2022, sharing that the game will cease to operate on Wednesday 17 March 2022. According to a blog post on medium, Animoca Brands has not been able to renew its license with Formula One.
It’s hard to lose a trendsetter like The F1 Delta Time Game; it was one of the first games to sell NFTs before NFTs became mainstream. The F1 Delta Time NFT game garnered about 1,800 holders, and these holders hold a considerable amount of the game’s 40,500 assets in its collection.
What does this mean for NFT owners?
According to Animoca brands, the company is committed to offering NFT owners replacement NFTs in the form of NFTs in another of its crypto racing games, REVV Racing.
REVV Racing is a racing game built by Animoca Brands on the Polygon side-chain around NFT collectibles. This game is an unlicensed driving game. That fact in itself brings another layer of complication to Animoca Brands.
The F1 Delta Time game demise brings a new set of questions that’s yet to be answered; what happens when a crypto game with numerous asset holders shutters down? What happens to its holders?