Ethereum News

Formula 1 partnership to launch a blockchain game

The launch of a blockchain game

There have been reports of a partnership between one of the world’s best-known sports brand and a blockchain startup called Animoca Brands. The company is set to launch a Formula F1 racing game using the Ethereum public blockchain protocol.

According to reports coming from the company it has secured a licencing agreement in order to develop and publish a blockchain game called “F1 Delta Time”.

The game is set to feature a non-fungible token (NFTs) that will be based on the Formula 1 intellectual property and will be launching on the 10th of May 2019.

According to reports coming from Yat Siu, who is the co-founder and chairman of Animoca Brands:

“Securing a partnership to make blockchain games with Formula 1, one of the most recognised brands in sports. Will be a notable achievement. We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”

The company plans on sharing more details in the coming months with the launch of it’s website. The game itself will be centered around the collection and trading of many unique Cars, Drivers and Components. These will exist as non-fungible tokens, which will be based on the ERC-721 token standard with Ethereum.

Fungible Tokens are based on the ERC-20 token standard and will function just as a currency in the game. These tokens will be necessary as it will be used in transactions such as fee payments and the purchase of certain items.

Formula 1 introduction to blockchain games

The official partnership still remains to be confirmed however, as the parent company called Liberty Media, has still not confirmed the partnership. It remains to be seen if the company has bought the branding rights or if there is a closer collaboration.

The representative from the F1 Delta Time mentioned that:

“We’re currently focused on building the core of the game itself. The full Delta Time game is made of several parts, and our primary target initially is to make sure this core is a fan experience.”

This will be one of the big names that will be entering the blockchain gaming space as there are already great games like Cryptokitties using the blockchain.

What are your thoughts on the upcoming launch of a blockchain game by Formula 1? Feel free to leave a comment down below.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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