F1 Delta Time, one of the first NFT games, has shut down Launched three years ago, the game announced its closure due to the fact that it could not renew the licensing deal with Formula 1.

By Entrepreneur Staff

This article was translated from our Spanish edition.

Animoca Brands

Just as there is excitement around everything that happens in the metaverse, NFTs and cryptocurrencies, there is also disturbing news. The closure of F1 Delta Time is one of them. Created by Animoca Brands in 2019, the game announced its definitive closure on March 15 through a Twitter post: "We deeply regret having to announce that F1 Delta Time will cease to operate on March 16, 2022".

The game worked with the Ethereum cryptocurrency that, when converted into REVV tokens (developed by Animoca), could be used to acquire and redeem NFTs for cars, drivers and equipment.

In the same tweet it is explained that the reason for the closure is that the license with Formula 1 was not renewed: "While we have not been able to renew our license, we will ensure that the current owners of the F1 Delta Time assets are rewarded. for their loyalty and support."

In response to complaints from users who invested in NFTs while the game was in operation, the company announced the existence of a plan to compensate them through other blockchain-based car games developed by REVV Motorsport (Animoca's car games division): "We are taking steps to offer gamers and digital asset owners ways to participate in the broader REVV Motorsport ecosystem, which includes MotoGP, Ignition, Formula E: High Voltage, REVV Racing and Torque Drift."

The problem with a license-based NFT game is that if the license is not renewed, the digital assets immediately become worthless. As explained by user @tasos_crypto on Twitter responding to REVV: "So you can repurchase our NFTs for the price we bought them because you made them useless in a tweet..."

Users who purchased NFTs from this game witnessed how their investment evaporated overnight.

At the time F1 Delta Time was a success; in fact, the most expensive NFT sold during 2019 was a car for this game that reached a value of $110,000. Called 1-1-1 the digital vehicle covered in diamonds.

Entrepreneur Staff

Entrepreneur Staff

Editor

Editor's Pick

Related Topics

Business News

People Are Eager to Go to Europe. But a 'Strange and Humiliating' Requirement Is Derailing Travel Plans.

There aren't enough resources to keep up with the demand — and it's causing major problems.

Business News

Tech CEO, 26, Found Dead in Suspected Murder

Pava LaPere founded EcoMap Technologies in December 2018.

Business News

Target Will Close 9 Stores Across 4 States Due to Ongoing Crime That's 'Threatening the Safety' of Customers and Employees

Target stated that it "invested heavily" in efforts to combat crime, but it just didn't work.

Business News

8 People Hospitalized on JetBlue Flight Headed to Florida Due to Turbulence

The turbulent conditions occurred near Jamaica on a flight coming from Ecuador.

Growing a Business

How to Navigate Ethical Considerations In Your Decision-Making

Business decisions often involve weighing ethics against profits. Find ways with a few tips to prioritize ethics and build trust with employees and customers.

Growing a Business

Innovation or Extinction — Why Complacency Is the Real Business Killer (and How to Foster an Innovative Culture)

Here are 10 ways to foster innovation in your company and why it's critical for your business's survival.