F1 Delta Time, the NFT-powered racing game, has auctioned off for more than 9 million of the company’s REVV tokens, worth approximately $222,000.
It has been reported that the token, “Formula 1 Grand Prix de Monaco 2020 1A” was auctioned on NFT marketplace Open Sea, with bidding taking place from November 29 until December 2.
However, the token offers its owner an “Apex” share in the game’s Circuit de Monaco track.
Congratulations to @MetaKovan and the @metapurse proud owners of the @F1DeltaTime 1-1-1 and now the A-1 track which sold for a record breaking 9 million $REVV (approx. 222k USD) and runner-up @TonyGuoga Super Fast Team! @REVV_Token @twobadour https://t.co/lNFRL9B9Ro — Yat Siu (@ysiu) December 2, 2020
F1 Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players with Circuit de Monaco comprising 330 tokens of four different rarities: Rare, Legendary, Epic, and Apex, similar to the way users can buy virtual land in Decentraland or The Sandbox.
The report said that the owners of Delta Time track-NFTs earn dividends from all activity that takes place on their track, including entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.
According to their rarity, track-NFTs will earn 5%, 7%, 13% or 25% of gameplay fees in addition to 3%, 5%, 11% or 21% of elite staking yields.
Likewise, Apex tokens are of the greatest rarity and afford their owner a 5% stake in the entire in-game track. As such, the auction’s closing price implies the entire track could be worth $4.44 million.
The NFT gives the owner a 5% stake in the race track, allowing them to generate returns from entry fees and other in-game activity https://t.co/NmPsRTrV5a — Cointelegraph (@Cointelegraph) December 2, 2020
The Monaco 1A track token is the first F1 Delta Time track-NFT to be auctioned. The token was sold to “MetaKovan,” who also made history by purchasing a tokenized Apex race car from Animoca for $111,111 last year.
Yat Siu, the co-founder and director of Animoca Brands, said that the Apex token is “the most expensive gaming NFT” by fiat value.
Thus, NFTs have gathered significant momentum in recent years, with several game-based tokens garnering six-figure prices.