Formula One Signs Up to Ethereum Blockchain Game

Formula One Signs Up to Ethereum Blockchain Game

Motorsports’ most popular series, Formula One (F1), has partnered with Animoca Brands to develop an Ethereum-based game using non-fungible tokens (NFTs) called F1 Delta Time.

Gamers will soon be able to road test the racing component of the game and take possession of the collectibles as the first phase is set for release on May 10th.

Racing, Trading and Collecting

According to the F1 Delta Time website, it will use an ERC-20 token as currency within the game but a major element will centre around the collecting and trading of NFTs (non-fungible tokens) based on the ERC-721 token standard.

While the ERC-20 token will pay for race entry fees and for purchasing certain in-game items, the ERC-721 tokens will bring added interaction for the user. As well as the cars and drivers, some will contain attributes that will enhance a players prospects of out-performing the opposition on the track. Naturally produced in limited quantities, these driving attributes will relate to the rarity of the token held.

Co-founder of Animoca Brands, Yat Siu, believes the partnership with one of the most recognised brands in sport is a notable achievement and says they “…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.”

Animoca Brands currently produces a range of mobile products and games utilising brand connections with the likes of Garfield, Snoopy and Doraemon. It is also claims the title of exclusive China distributor for the notorious original NFT, Cryptokitties.