On Friday, a report arrived that Animoca Brands has officially signed a global licensing agreement with Formula 1. Under the agreement, Animoca will publish a new blockchain game involving Formula 1 racing.
According to a Cointelegraph report, the licensing agreement will let Animoca Brands publish “F1 Delta Time” a blockchain game which will use non-fungible tokens, also known as “NFTs.” NFTs are basically a unique type of cryptocurrency token that can’t be interchanged with other crypto types. In contrast, crypto tokens such as Bitcoin (BTC) and Ethereum (ETH) are interchangeable on exchanges.
The F1 Delta Time game will include collectibles based on the NFTs. In addition, the NFTs are usable for a racing component in the blockchain game. In the F1 Delta Time game, each of the NFTs is wholly owned by a specific player. That player can “use, trade or sell it” according to the official F1 Delta Time website. The F1 Delta Time game will involve real-world Grand Prix racing results contributing to the game’s collectibles. The first launch phase for the game is scheduled to happen on May 10.
In Animoca Brands’ official press release about the licensing agreement, they note the popularity of Formula One and how it will help bring further exposure to the blockchain. F1 racing is said to reportedly bring in 1.6 billion viewers on TV from 180 different territories. It also “engages 506 million fans” around the world.
Animoca also mentions how F1 racing attracts premier brands such as Heineken, DHL, Rolex, Pirelli, and Emirates. In addition, leading broadcasters such as Fox Sports, ESPN, and Sky have media partnerships with F1.
Animoca Brands Corporation Limited is looking to distinguish itself as one of the top companies when it comes to blockchain gaming. The new F1 Delta Time game certainly looks like it could have the exposure to help the company stay amongst the top innovators in the category.
