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NFTs News

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.

April 9, 2022 - Around 2 mins mins to read

An NFT-based F1 racing game has been permanently shut down, leaving token holders scrambling.

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.
Source:  Serhat Cagdas/Anadolu Agency via Getty Images

F1 Delta Time, an official NFT and crypto-powered racing game that first released in 2019, was shut down last month, according to a report by Kotaku. Investors who held the game’s tokens are now left with nearly worthless NFTs, and many are asking if this will happen to other crypto-focused companies in the future.

F1 Delta Time appeared to be a poster child for the introduction of NFT in gaming at first, according to the study. In addition to the ability to trade tokenized cars on the marketplace, players were given the option to “play to earn.” In 2019, one of these NFTs sold for almost $100,000, making it the most successful car sale on the game’s platform.

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.
The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.

Animoca, the game’s owner, was unable to extend its F1 license, and the game was shut down on March 16, despite its initial success. The game’s designer has replied to customer complaints about being left with worthless NFT tokens by promising that they may be traded for “Replacement Cars” that can be used in the REVV Racing game, which is based on polygons.

Users can also exchange their now-worthless NFTs for a range of other virtual assets, which the developer claims will be utilized to earn NFTs in future games.

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Patrick

CoinCu News

NFTs News

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.

An NFT-based F1 racing game has been permanently shut down, leaving token holders scrambling.

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.
Source:  Serhat Cagdas/Anadolu Agency via Getty Images

F1 Delta Time, an official NFT and crypto-powered racing game that first released in 2019, was shut down last month, according to a report by Kotaku. Investors who held the game’s tokens are now left with nearly worthless NFTs, and many are asking if this will happen to other crypto-focused companies in the future.

F1 Delta Time appeared to be a poster child for the introduction of NFT in gaming at first, according to the study. In addition to the ability to trade tokenized cars on the marketplace, players were given the option to “play to earn.” In 2019, one of these NFTs sold for almost $100,000, making it the most successful car sale on the game’s platform.

The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.
The F1 Game Based On NFTs Has Been Shut Down, Leaving Investors With Almost Worthless Tokens.

Animoca, the game’s owner, was unable to extend its F1 license, and the game was shut down on March 16, despite its initial success. The game’s designer has replied to customer complaints about being left with worthless NFT tokens by promising that they may be traded for “Replacement Cars” that can be used in the REVV Racing game, which is based on polygons.

Users can also exchange their now-worthless NFTs for a range of other virtual assets, which the developer claims will be utilized to earn NFTs in future games.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News