Join our Waitlist for Expert Advice!

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.

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.

Eduardo Scheffler Zawadzki

Entrepreneur Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

A Billionaire Founder Admits He Had 'Horrible Habits' — Then He Started a Morning Routine That 'Transformed' His Life

Kind Snacks founder Daniel Lubetzky used to go to sleep at 2 a.m. and skip his morning workout.

Starting a Business

I Quit My Corporate Job to Start a Business. Here's How I Went From Having $35,000 Credit Card Debt to Making $4 Million.

Courtney Allen, founder and CEO of presentation design agency 16x9, "recklessly" left corporate life behind in 2015 to pursue entrepreneurship.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Business News

Google's CEO Says AI Is Now Responsible for 25% of 'All New Code' Created at the Company

Google CEO Sundar Pichai said engineers are moving faster because of AI.