Formula E, the electric single-seater car racing championship, is about to develop a blockchain-powered motorsports game featuring non-fungible tokens (NFTs), announced by the blockchain gaming firm Animoca Brands.
It has been reported that the Formula E game will utilize Animoca’s REVV utility token as an in-game currency.
However, REVV is also used as an in-game currency for Animoca’s F1 Delta Time title, and upcoming MotoGP game.
As per the report, Formula E was conceived in 2011 by Jean Todt of the Federation Internationale de l’Automobile (FIA) and made its global debut in Beijing during 2014. Now, the organization holds 14 races in 12 cities across five continents each season, with the championship attracting a seasonal viewership of 411 million.
The NFT space is heating up, with four new token-powered games announced in the past 24 hours https://t.co/MKdV0tTZkU — Cointelegraph (@Cointelegraph) November 6, 2020
The report said that after suspending the current season due to the coronavirus pandemic, Formula E’s sixth championship resumed on August 5 in Berlin. November 6 was a big day for NFTs announcements, with blockchain-powered gaming ecosystem developer Enjin announcing it has partnered with Canadian gaming studio Skymarch to launch three unique titles that utilize non-fungible tokens “to enhance core gameplay.”
Bringing 30+ years of combined experience from Ubisoft, Disney, EA & more, we're pleased to welcome Skymarch Entertainment to the Enjin Multiverse! 🎉 This ambitious team is developing 3 unique titles that will each use #NFTs to enhance core gameplay. ➡️ https://t.co/wkubXrXgzY pic.twitter.com/zCpz0ljcei — Enjin (@enjin) November 5, 2020
Likewise, the upcoming games include Crystals of Fate, a collectible card game featuring a “real-time combat system,” Zeal, a player-versus-player-focused action-RPG, and The Galaxy of Lemuria, a survival-crafting MMORPG.
According to DappRadar, 2020 has seen NFTs rise in popularity, with the five-largest Ethereum-powered marketplaces for NFTs pushing more than $1 million in daily volume during October.
The daily volume of the top 5 #NFT Marketplaces on #Ethereum surpassed $1M! @rariblecom @opensea @SuperRare_co https://t.co/LE7SN8tpi8 pic.twitter.com/JSbpHOJIjy — DappRadar (@DappRadar) October 9, 2020
Thus, NFT sales have since declined, with the top-five marketplaces driving $263,000 in daily trade.