Official Formula 1 Blockchain Game Canceled

The F1 Delta Team, the official game of Formula 1 on blockchain, was canceled this Wednesday. According to the game’s official Twitter profile, it will crash at the end of the day.

With the cancellation of the game, players who own NFTs of the cars will be reimbursed through other racing games. The F1 Delta Team was created by Animoca Brands in 2019 and has around 1,800 unique wallets.

Company failed to renew license

The racing game was one of the first games to receive an official license from a major competition. In fact, it was released long before all the current gaming hype. play-to-earn (P2E).

It was made up of two parts, one made up of collectibles based on NFTs, as well as a racing component that utilizes those NFTs.

According to Animoca Brands, the game was over because the company was unable to renew our license to use the brand. As a result, the game will be stopped at the end of the current contract, which ends on Wednesday night.

It’s unclear how many total players the game has amassed in the three years it’s been released. According to data from OpenSea, there are around 1,800 unique wallets that hold in-game NFTs. But it is unclear whether these wallets each belong to a different individual.

It is with deep regret that we announce that F1® Delta Time will cease operations on 16 March 2022. While we have not been able to renew our license, we will ensure that current owners of F1® Delta Time assets are rewarded for their loyalty and support.https://t.co/q8EspaC0Iv

— REVV Motorsport (@REVVMotorsport) March 15, 2022

What will happen to the NFTs?

The cancellation of the F1 Delta Team took the entire community by surprise, with many people complaining about the end of the game. Some players even suggested that the game run on a hidden IP, circumventing the end of the Formula 1 license.

However, the team vehemently rejected this possibility, stating that the game was not a scam.

“We are not a rug pull (common scam in the cryptocurrency market). As stated in the ad, we were unable to renew our license. But we will ensure that current F1 Delta Time asset owners are rewarded for their loyalty and support,” the team said.

The last sentence of the tweet above revealed an interesting debate. After all, what is the fate of the NFTs of a game that has been canceled? If NFTs are owned by users, what happens when the game’s IP is closed because of a license loss?

It should be noted that Animoca Brands held the license to explore the F1 brand, including the cars that participate in the races. These, in turn, were sold in NFT format, which represent an asset owned by the user.

Compensation in other games

In the case of the F1 Delta Team, the NFTs will in fact be withdrawn from circulation, to avoid problems with brand misuse. In return, users will receive replacement tokens in another company game, REVV Racing.

REVV Racing is a driving game that has no licensing issues. Like the F1 Delta Team, it is built on an NFT collection system and operates on Polygon, ETH’s second layer network (ETH).

In addition to NFTs, Animoca intends to build a complete ecosystem around REVV, the token used within REVV Racing. Former F1 users will receive perks and rewards within this future ecosystem.

The REVV token is also used in other licensed blockchain games, such as the game of MotoGP Ignition and Formula E: High Voltage.