F1 Delta Time Blockchain Racing Game Sees Single Crypto Collectible Get Sold for $113,000 in ETH

On Monday, May 27, creator of the F1 Delta Game, Formula One (Federation Internationale de l’Automobile) took to Twitter to express a recent sale valued at roughly $113,000. As per the claims made, the virtual car, 1-1-1, found within the game, was purchased by an unknown user as seen in the tweet below:

1-1-1 is now GONE at 415.9 ETH with an expected new challenger in the game. 😲🔥

Phew… where's the safety car for all this? 🏎️ Congratulations to the winner! 🍾 pic.twitter.com/0xnMpXHHw9

— F1® Delta Time (@F1DeltaTime) May 27, 2019

One might wonder why anyone would make such a purchase, especially bearing in mind the fact that the game has yet to be launched. Turns out, the 1-1-1 is the first of its kind, making it a potential collectible with future value.

According to the team behind the F1 Delta Game, the blockchain-based virtual car is, “The FIRST official Formula 1 non-fungible token (NFT), the FIRST F1 Delta Time auction item and the only ONE of its kind.” The latter was extremely emphasized as the team has no plans to make any duplications of the car, which is also deemed to have optimal speed, acceleration and grip levels like no other.

Coin Telegraph also reported on this news and has since highlighted this endeavor as being a partnership between Animoca Brands and Formula 1. Here is what was referenced from the official website in regard to the game along with the benefits of having a car collection in place:

“The game will center around the collection and trading of unique Cars, Drivers and Components – all of which will exist as non-fungible tokens (NFTs) based on the ERC-721 token standard […] Tokens are produced in lower quantities as determined by their level of rarity, with rarest tokens possessing the most impressive racing attributes.”

As surprising as the amount paid might be, the fact that Formula One is involved makes it a big deal – as it is popularly known as a sporting brand with over billions of viewers around the world. Their global reach alone can be impactful for blockchain technology, its applications, and integration within society. Not to mention, a way to lure in younger sporting generation in a technological manner.

In your opinion, was the amount paid over the top or understandable? Let us know in the comments below.