Blockchain Game F1 Delta Time Sells Virtual Racing Car For Over $110,000

A virtual racing car in the upcoming blockchain-based game F1 Delta Time gets sold for 415.9 ether (ETH) or $110,600 at the time of sale, as per an announcement on the game’s website.

Animoca Brands, the company behind the game ran an auction for the limited edition model in ether for four days, after receiving 31 bids user “09E282” bought the crypto collectible. The unknown user is now the owner of “1-1-1”, the first model of the virtual racing car to be issued in the game. Though this one will surely be one-of-a-kind as the auction page promises to never release more.

Animoca Brands partnered with Formula 1 to ship the game in late March, wherein the players could collect virtual F1 cars and race against each other. As per the game’s official website, owning particular car models will give the players a competitive edge in the game:

“The game will center around the collection and trading of unique Cars, Drivers and Components – all of which will exist as non-fungible tokens (NFTs) based on the ERC-721 token standard. […] Tokens are produced in limited quantities as determined by their level of rarity, with the rarest tokens possessing the most impressive racing attributes.”

A relatively recent innovation, Crypto collectibles are basically virtual collectibles that companies could track and authenticate using blockchain technology. CryptoKitties, a popular Ethereum-based game have had sold over $12 million of its collectibles in late 2017, with the most expensive item for over $120,000.

Notably, what gives these collectible their value is that the total supply of Cryptokitties is fixed, quite similar to bitcoin (BTC). The scarcity aids in maintaining and driving their value; however, unlike bitcoin the kitties are an example of NFTs, which are non-homogenous and indivisible assets.

Read more:South Korean LocalBitcoins Observes New Record Levels Of Bitcoin Trading Volumes

Image Source – Stock Photo Secrets