Formula 1 Is Following the Blockchain Trend

The video game industry has started tracking the DLT trend and is increasingly integrating blockchain-based applications for certain game mechanics. In the racing game F1 Delta Time, fans of Formula 1 can now purchase well-known cars and drivers on blockchain and continue trading with them.

Formula 1 Is Following the Blockchain Trend

Even when driving virtual racing cars, players do not want to do without an individual feel. Therefore, the video game industry is increasingly relying on in-game purchases with tokens that guarantee players unique items. This includes the blockchain-based game F1 Delta Time from Animoca Brands, in which users can purchase cars and drivers with the cryptocurrency REV and use them for an individualized gaming experience.

F1 discovers blockchain technology

According to the official announcement, players in F1 Delta Time can now buy crates or boxes to unlock cars, drivers, and racing gear. The cryptocurrency implemented in F1 is REV, which can be used to unlock parts of the game, such as race tracks and participation in certain races, in addition to the purchase of collector's items. The sale of the 6,500 crates in total runs until March 9th.

The engine of the game is the acquisition and trading of cars, drivers and components, all of which run as non-fungible tokens (NFTs) based on the ERC-721 token standard on the Ethereum blockchain. Fungible tokens (FTs) based on the ERC-20 token standard, on the other hand, act as the in-game currency and can be used for transactions such as the payment of entry fees and the purchase of certain items.

Depending on the rarity of the collector's items, the purchase prices of the crates offered vary. $20 to $500 must be put on the virtual table to purchase cars and items from the “Common” to “Legendary” category. F1 Delta Time, which has an official Formula 1 license, is not yet playable. According to the publisher, the race section is still in development. The attraction to play is currently only in trading items.

F1 Delta Time demonstrates that implementing blockchain technology for the gaming industry means tapping new revenue streams. In addition, players can also benefit from trading and earn profits by buying and selling items.

Images credit: F1® Delta Time