Animoca shuts down F1-based P2E game

Animoca Brands has shut down its Formula 1-based NFT game after its opted not to renew its license to use the car-racing league’s assets.

Image credit: Animoca Brands

The Hong Kong-based unicorn said it will replace the F1 Delta Time assets of current owners with NFTs for other games in its Revv Motorsport ecosystem, including MotoGP Ignition, Formula E: High Voltage, Revv Racing, and Torque Drift.

Built around NFT collectibles, F1 Delta Time was launched in 2019. That same year, one of its digital race-car assets became the most valuable NFT of that year. Two of the most valuable transactions involving virtual cars in 2021 were both for F1 Delta Time NFTs.

However, the play-to-earn game saw a decline in secondary trading. According to aggregator CryptoSlam, NFTs for F1 Delta Time saw just US$7 million in movement versus US$366 million for The Sandbox, another title from Animoca.

Animoca said that its players will receive equivalent cars for Revv Racing, which is built on the Polygon sidechain. F1 Delta Time cars can also be exchanged for a race pass, which players can use to stake and participate in later NFT minting and airdrops.

NFTs for the shuttered game can also be swapped for proxy assets that can be used to acquire NFTs for products across the Revv Motorsport ecosystem.

See also: He makes up to $3,900 a week racing cars on a blockchain game