F1 Delta Time, the Ethereum-powered blockchain game, has begun to sell in-game item crates.
#Formula1 blockchain game starts selling in-game item crates with ERC-721 tokenhttps://t.co/Oq4WPVZGZx https://t.co/tR0GsNXloN pic.twitter.com/QMfhDEsI2V — 🅐🅕🅡🅞 ⓝⓞⓜⓐⓓ (@afronomad_) February 27, 2020
On February 25, it has been announced by F1 Delta Time official that players are now able to purchase a collection of cars, parts, drivers and racing gear with the ERC-721 non-fungible tokens (NFT).
However, the sale will run through March 9, with 6,500 total crates up for grabs with prices set to increase from the current levels after March 3.
NFT’s are a form of a digital collectible that are not interchangeable since they carry unique qualities and vary in their level of rarity.
It has been analyzed that those who purchase the crates will also have a chance to win one of three limited-edition cars from the “Four Guardians Apex” with the number of entry tickets determined by the rarity level of the crate, as there are four crate types ranging from Common ($18) to Legendary ($450) available for purchase.
On top of that, F1 Delta Time has also announced that players will be able to earn in-game REV currency through an NFTs Staking mechanism. REV is an ERC-20 fungible token that serves as the primary currency in F1 Delta Time and is used to conduct payment and issue rewards after races.
As it has been reported in November 2019, F1 Delta Time held an auction of F1 car-branded NFTs last year. As per the report, Formula 1 signed a global licensing agreement with Animoca Brands, a blockchain startup, powering the F1 Delta Time in March of last year.
Previously, Animoca Brands has auctioned off other cars, including a car called “1-1-1” which was released on May 24, 2019.
Thus, it is described as a “truly one-of-a-kind digital collectible and a digital milestone in motorsport” that was sold for 415.9 ETH in May 2019, about $113,000 at the time.