Licensed Formula 1 Ethereum Game is Shutting Down – What Happens to NFT holders? | National Crowdfunding & Fintech Association of Canada

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Licensed Formula 1 Ethereum Game is Shutting Down – What Happens to NFT holders?

Decrypt | Andrew Hayward | Mar 15, 2022

Animoca Brands will give F1 Delta Time NFT holders replacement NFTs for REVV Racing and other perks after the F1 license expires.

Formula 1 was one of the first sports leagues to enter the blockchain space, with the launch of Animoca Brands’ F1 Delta Time game in 2019. But after three years, the Ethereum-based game is ending.

Animoca announced the unexpected news today, revealing that the game will abruptly cease operations at the end of Wednesday. According to a blog post, the company had “not been able to renew our license” with the racing league. It’s unclear how many total players the game amassed—data from leading NFT marketplace OpenSea suggests that only about 1,800 unique wallets owned NFTs from the game.

See: NFTs for Skeptics

But F1 Delta Time’s sudden demise presents an interesting dilemma: What happens when a licensed crypto game or decentralized app (dapp)—which has sold user-owned assets as NFTs to its players—is shuttered because of an IP holder’s decision?

In this case, Animoca Brands hopes to appease NFT owners by offering replacement NFTs in another of its crypto racing games, REVV Racing, as well as other perks and rewards within the wider gaming ecosystem being built around its REVV token.

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