Simply as there’s pleasure round every little thing that occurs within the metaverse, NFTs and cryptocurrencies, there’s additionally disturbing information. The closure of F1 Delta Time is one among them. Created by Animoca Manufacturers in 2019, the sport introduced its definitive closure on March 15 by a Twitter submit: “We deeply remorse having to announce that F1 Delta Time will stop to function on March 16, 2022”.
The sport labored with the Ethereum cryptocurrency that, when transformed into REVV tokens (developed by Animoca), could possibly be used to accumulate and redeem NFTs for automobiles, drivers and gear.
In the identical tweet it’s defined that the explanation for the closure is that the license with System 1 was not renewed: “Whereas we now have not been capable of renew our license, we’ll be sure that the present house owners of the F1 Delta Time belongings are rewarded. for his or her loyalty and assist.”
It’s with deep remorse that we announce that F1® Delta Time will stop operations on 16 March 2022. Whereas we now have not been capable of renew our license, we’ll be sure that present house owners of F1® Delta Time belongings are rewarded for his or her loyalty and assist. https://t.co/q8EspaC0Iv
— REVV Motorsport (@REVVMotorsport) March 15, 2022
In response to complaints from customers who invested in NFTs whereas the sport was in operation, the corporate introduced the existence of a plan to compensate them by different blockchain-based automotive video games developed by REVV Motorsport (Animoca’s automotive video games division): “We’re taking steps to supply players and digital asset house owners methods to take part within the broader REVV Motorsport ecosystem, which incorporates MotoGP, Ignition, System E: Excessive Voltage, REVV Racing and Torque Drift.”
The issue with a license-based NFT recreation is that if the license shouldn’t be renewed, the digital belongings instantly grow to be nugatory. As defined by consumer @tasos_crypto on Twitter responding to REVV: “So you may repurchase our NFTs for the worth we purchased them since you made them ineffective in a tweet…”
Customers who bought NFTs from this recreation witnessed how their funding evaporated in a single day.
On the time F1 Delta Time was successful; actually, the costliest NFT bought throughout 2019 was a automotive for this recreation that reached a worth of $110,000. Referred to as 1-1-1 the digital automobile lined in diamonds.