Formula One, the Fédération Internationale de l’Automobile’s highest class of single-seater auto racing allowed, will see its owners, Liberty Media, launch a blockchain-based game in an effort to bring in a younger, more tech-oriented subset of fans.
The game will come from Hong Kong-based gaming firm Animoca Brands and will be titled F1 Delta Time.
Non-Fungible Fun Time
F1 Delta Time will make use of non-fungible tokens (NFTs) as collectible elements. NFTs are a specific type of blockchain-based token that is verifiably unique and owned entirely by owner, who has the sole ability to sell, use, or trade it. For example, a player might own a car with unique characteristics or abilities that no other player owns, and the holder may decide to use it, sell it, or trade it. According to a report from Forbes, “all cars, drivers and components in the game are NFTs.”
Furthermore, all of the games NFTs “have special race day attributes that increase the chances of winning races and are produced in limited quantities as…