Blockchain game F1 Delta Time — licensed by the world-renowned racing series Formula 1 — is holding an auction of F1 car-branded non-fungible tokens (NFTs) later this week.
According to an announcement on Nov. 22, the auction will be held on Nov. 28, with fans already able to participate in a live contest to compete for various related prizes.
As previously reported, F1 Delta Time purportedly draws 1.6 billion television viewers across over 180 territories and engage 506 million fans worldwide.
NFTs to be functional within F1 blockchain game
Unlike most cryptocurrencies, non-fungible tokens are a form of a digital collectible: non-fungible meaning they are not interchangeable, carrying unique information and varying in their level of rarity.
F1 Delta Time notes that it has set five different rarity levels, while official team cars are not available in the lowest two rarity tiers. Each NFT will be usable in the forthcoming official F1 Delta Time game and will be auctioned simultaneously in a descending Dutch format, with a starting price of 30 Ether (ETH).
All F1 branded team cars will be included in the NFT auction, 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.
According to the announcement, all cars’ performance indices are similar and will be disclosed next week.
F1 Delta Times’ 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.
As reported, Formula 1 signed a global licensing agreement with blockchain startup Animoca Brands in March of this year, paving the way for the development of the F1 Delta Time Game.
At the time, both parties underscored the significant brand power of Formula 1 and the new licensing agreement’s potential to broaden consumer exposure to blockchain.
Animoca Brands has also entered into a licensing agreement with Atari — famous for being the developer of iconic video games such as Tetris and Pac Man.
In Feb. 2018, Atari saw its share price skyrocket by over 60% after announcing that it would be investing in cryptocurrency.
Ethereum co-founder Vitalik Buterin has made the argument that non-financial blockchain applications can face more difficulty gaining traction and identified developments such as NFTs and gaming as potential areas that can broaden the technology’s appeal.