F1 Delta Time, one of many first NFT video games, has shut down

Simply as there’s pleasure round all the things 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), might be used to amass and redeem NFTs for automobiles, drivers and gear.

In the identical tweet it’s defined that the rationale for the closure is that the license with Formulation 1 was not renewed: “Whereas now we have not been capable of renew our license, we are going to make sure that the present house owners of the F1 Delta Time property 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 now we have not been capable of renew our license, we are going to make sure that present house owners of F1® Delta Time property 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 automobile video games developed by REVV Motorsport (Animoca’s automobile 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, Formulation E: Excessive Voltage, REVV Racing and Torque Drift.”

The issue with a license-based NFT sport is that if the license is just not renewed, the digital property instantly turn into nugatory. As defined by person @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 truth, the most costly NFT offered throughout 2019 was a automobile for this sport that reached a worth of $110,000. Referred to as 1-1-1 the digital automobile lined in diamonds.