Animoca Brands, the blockchain gaming firm, has announced that it will launch its new REVV token on the popular decentralized exchange Uniswap.
It has been reported that REVV will begin trading for Ethereum (ETH) on Uniswap from September 4 at 12 pm UTC, as the token’s initial price will be $0.00666.
However, the REVV token functions as a utility token on Animoca’s crypto-powered motorsports games, including F1 Delta Time and two new forthcoming releases.
REVV is “the currency of purchase, utility, and action” for Animoca’s motorsports titles, with the token currently able to be used for paying entry fees into F1 Delta Time’s core Time Trial and Grand Prix nodes.
As per the report, Animoca’s first upcoming title is a Grand Prix motorcycle racing (MotoGP) game that will see more details released during Q4 2020.
Another title “based on a global racing franchise” will also be announced soon.
REVV holders will be able to stake their tokens to receive in-game NFTs in F1 Delta Time and two forthcoming racing games https://t.co/D2vQYQuOsj — Cointelegraph (@Cointelegraph) September 2, 2020
It has been analyzed that REVV tokens can be staked to earn in-game non-fungible tokens (NFTs) from Animoca Brands’ motorsport releases.
Holders of F1 Delta Time NFTs can also earn REVV by staking their NFTs. Of REVV’s total supply of 3 billion tokens, 6.02 million REVV is in the process of being distributed among F1 Delta Time NFT holders.
Likewise, 500 million REVV has been designated for various pools relating to F1 Delta Time, including in-game rewards, marketing, a reserve, and promotional airdrops.
In July, Animoca Brands reported record revenues of $4.33 million during the first quarter of 2020 and $3 million for the month of April.
Thus, the firm held nearly $1.8 million worth of crypto at the time.
Source: Cointelegraph | Image: AiThoroty