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Official Formula 1 NFT Game Shuts Down, Tokens Now Worthless

Quick take:

  • An official NFT and crypto-powered racing game called F1 Delta Time abruptly closed down last month.
  • The game launched in 2019 has now left its investors empty-handed.

F1 Delta Time, which launched in 2019, was one of the first licensed NFT titles out there. The game was present way back before the whole NFT and metaverse realm exploded.

The racing game, an official NFT and crypto-powered game, shut down last month. It announced its closure on March 15, not enough time for such an announcement as it closed down on March 16.

An expensive closure

Investors In the project were obviously quite disappointed with the announcement. The project was a notable one at that time, as it sold one of the most expensive NFTs in 2019 - a car in this game. The car had sold for over $100,000.

However, because its owners, Animoca, have been unable to renew the F1 license, it has become a test case for what happens when a licensed NFT game dies. 

All of the money spent on vehicles and other items seems useless now. Some users had spent almost $300,000 on a single transaction for cars and other in-game assets. 

The tokens still exist, but they have no actual worth without the game for which they were purchased.

To compensate users for its abrupt closure, the owner of F1 NFTs has replaced the now-defunct tokens with those of another racing game. The F1 Delta Time team offered different options, including replacement cars, race pass, track vouchers, and proxy assets. Etc. 

But all of these cannot be proven worthy as a replacement for the NFTs purchased specifically for a game to improve its immersive experience. Only time will tell if these replacement tokens become anywhere near as valuable as the licensed games once were.  

The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.

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