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F1 Delta Time Shuts Down, REVV Token Dips

F1 Delta Time, an NFT-powered Formula One game, closed up some weeks ago, stripping off the utility value of its domestic NFTs. According to Coinmarketcap, its native token REVV dipped by more than 22% in the last 7 days.

F1 Delta Time was a once-famous NFT game featuring tokenized race cars. The racing game which has since dwindled in popularity in the last two years seized operations sometime in March. As a result, the game’s NFT holders now have valueless tokens.

Considering the game once attracted sizable crypto investments, there are concerns other NFT gaming projects could suffer the same fate. Like similar platforms today, F1 Delta Time started out as a massive success. The NFT game offered users the opportunity of earning rewards for game time. Also, it offered an in-house marketplace for trading in-game race cars as NFTs.

Shutdown Related to Licensing Issues

Shortly after going public in 2019, the project recorded an impressive token sale of over $100,000 for one of its NFTs. At the time, the sale marked the highest floor price attained by a single NFT on any platform.

Despite the head start, the creators of the F1 Delta Time, Aminoca, could not sustain the game. For instance, the regulations require them to get the original car owners’ permission before featuring branded Formula One cars in their NFT game.

According to reports, the game’s developers subsequently ran into regulatory issues. And thus failed to renew the license for the Formula One cars outfitted within the game environment.

Animoca’s Response to Game Shutdown

Owners of the now-closed F1 Delta Time game, Animoca, are encouraging NFT holders to swap their valueless NFTs for other digital assets. These assets will serve as a medium of exchange for utility NFTs in future game developments. 

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To salvage the value of the seemingly worthless NFTs, Animoca will transfer them to other ventures. Holders of the NFTs will not receive a refund. However, Animoca says users can swap them for “Replacement Cars,” which are useable in its polygon-based racing game, REVV.

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