Official Formula 1 NFT Game Shuts Down with Many Losing Their Investment

F1 Delta Time was an official NFT racing game launched in 2019. Animoca Brands has shut down the F1 Delta Time game after its license was not renewed. The studio closed its doors on March 15. Even with its successful laps over the years,  it was not able to veer off the track.

For most of you who haven’t heard of F1 Delta Time, the game was created to leverage the popularity of the Formula 1 demographic with the use of cars, drivers and everything in between. The project uses Ethereum as the main currency to convert into Animoca’s REVV utility token for transaction. This was big news in the space where we’ve seen other popular sports franchises and IP licensed out to create lucrative gaming projects for monetary gains, ala NBA Top Shots.

At the high point, their biggest sale for a jewel-encrusted car called the 1-1-1 was sold for over $100,000 in Ethereum.

Since they were not able to secure the renewal of the licenses, the car game has fallen through the once promising road. Now the assets in-game are practically worthless. The developers are trying to find ways to compensate owners with replacement tokens with another of the company’s racing blockchain games. Owners are given replacement car from the other games or a voucher called “Race Pass” or “Proxy Assets” for future NFTs in the REVV Motorsports lineup.

This could be a cautionary tale for business dealings and NFT investors but it seems like Animoca Brands is not letting this small speed bump hinder their race to expand their portfolio and blockchain game growth.