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.
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."
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
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.
