Simply as there may be pleasure round all the things that occurs within the metaverse, NFTs and cryptocurrencies, there may be additionally disturbing information. The closure of F1 Delta Time is one in every of them. Created by Animoca Manufacturers in 2019, the sport introduced its definitive closure on March 15 via a Twitter put up: “We deeply remorse having to announce that F1 Delta Time will stop to function on March 16, 2022”.
Animoca Manufacturers
The sport labored with the Ethereum cryptocurrency that, when transformed into REVV tokens (developed by Animoca), might be used to amass and redeem NFTs for vehicles, drivers and tools.
In the identical tweet it’s defined that the explanation for the closure is that the license with Components 1 was not renewed: “Whereas we now have not been in a position to renew our license, we are going to be certain that the present homeowners of the F1 Delta Time belongings are rewarded. for his or her loyalty and help.”
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 in a position to renew our license, we are going to be certain that present homeowners of F1® Delta Time belongings are rewarded for his or her loyalty and help. 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 via different blockchain-based automobile video games developed by REVV Motorsport (Animoca’s automobile video games division): “We’re taking steps to supply players and digital asset homeowners methods to take part within the broader REVV Motorsport ecosystem, which incorporates MotoGP, Ignition, Components E: Excessive Voltage, REVV Racing and Torque Drift.”
The issue with a license-based NFT sport is that if the license will not be renewed, the digital belongings instantly develop into nugatory. As defined by consumer @tasos_crypto on Twitter responding to REVV: “So you possibly can repurchase our NFTs for the value we purchased them since you made them ineffective in a tweet…”
Customers who bought NFTs from this sport witnessed how their funding evaporated in a single day.
On the time F1 Delta Time was a hit; in actual fact, the costliest NFT bought throughout 2019 was a automobile for this sport that reached a price of $110,000. Referred to as 1-1-1 the digital automobile lined in diamonds.
