NFT-Based F1 Game Shuts Down, Leaving NFT Holders With Nearly Worthless Tokens

An NFT-based Formula 1 racing game has shut down permanently, leaving token holders reeling from the loss. 

According to a report by Kotaku, F1 Delta Time, an official NFT and crypto-powered racing game that was first launched in 2019, shut down last month. Investors holding the game’s tokens are now left with virtually worthless NFTs and wondering if the same could happen for future crypto-focused projects. 

As noted in the report, F1 Delta Time originally appeared to be a poster child for the implementation of NFT in gaming. Players were offered the option to “play to earn,” in addition to having the ability to trade tokenized cars on the marketplace. One such NFT sold in 2019 for over $100,000, representing the most successful car sale on the game’s platform. 

Despite its early success, the game’s owner Animoca was unable to renew its F1 license, leading to the game being shut down on March 16. The game’s creator has responded to the criticism of user’s left with worthless NFT tokens, promising that they can be exchanged for “Replacement Cars,” which can be used in the Polygon-based REVV Racing game. 

The developer is also offering users the ability to swap their now worthless NFTs for a variety of other virtual assets, which it says will be used in future games to obtain NFTs. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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