Connect with us

ART & COLLECTABLES

Ethereum NFT Game Licensed to Formula 1 Will Be Canceled

Published

on

#f1 #nfts #nft #delattime #animoca

After the F1 license expires, Animoca Brands will give F1 Delta Time NFT holders replacement NFTs for REVV Racing and other perks.

In 2019, Animoca Brands’ F1 Delta Time game marked Formula 1’s first foray into the blockchain space. However, after three years, the Ethereum-based game is coming to a close.

As of today, Animoca has revealed that the game will cease operations at the end of Wednesday, which was previously only hinted at. The company had “not been able to renew our license” with the racing league, according to a blog post. More than 1,800 unique wallets owned NFTs from the game, according to OpenSea, a leading marketplace for virtual goods.

What if a licensed crypto game or decentralized app (dapp) that has sold user-owned assets as NFTs to its players is shut down because of an IP holder’s decision? This is an interesting dilemma that F1 Delta Time’s sudden demise presents.

Replacement NFTs will be offered in REVV Racing and other perks and rewards in the wider gaming ecosystem that is being built around the REVV token, which is the token of Animoca Brands.

The unlicensed racing game REVV Racing uses Polygon, an Ethereum sidechain scaling solution, and is also based on NFT collectibles. It’s possible to earn REV tokens by staking REV Racing assets in a new staking pool for F1 Delta Time car owners, for example.

There are several Animoca-created games that use the REVV token, including MotoGP Ignition and Formula E: High Voltage, as well as Torque Drive from Grease Monkey Games.

A pioneering crypto game, F1 Delta Time, attracted early NFT enthusiasts who staked substantial sums of money on it.

For example, in May 2019, the pseudonymous investor MetaKovan (a.k.a. Vignesh Sundaresan) paid nearly 416 WETH (Wrapped Ethereum), or about $113,000, for the single-edition “1-1-1” car in the game. In terms of gaming NFT sales, it was the biggest of the year. “Everyday: The First 5000 Days” would be purchased by MetaKovan in March 2021 for $69.3 million.

F1 Delta Time’s in-game track segments were also sold for $1.8 million in March 2021 by Animoca for $265,000 worth of REVV tokens. Second-hand REVV sales of another NFT car totaled $288,000 during that period of time.

There’s not been as much secondary trading activity for F1 Delta Time compared to other notable crypto games. With a drop in volume from over $1.5 million in March 2021 to just over $15,000 in January, the secondary market transactions for F1 Delta Time’s NFTs total less than $7 million.

Axie Infinity, the most popular Ethereum game, has over $4 billion in total NFT trading volume, while Animoca’s The Sandbox, an upcoming metaverse game, has $366 million in total NFT trading volume.

Animoca Brands is also a major investor in NFT and metaverse startups, such as OpenSea, NBA Top Shot creator Dapper Labs, and Axie Infinity developer Sky Mavis, in addition to developing and publishing crypto games. In January, Animoca was valued at more than $5 billion in its most recent round of funding.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

Published

on

Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

Continue Reading

ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

Published

on

Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

Continue Reading

ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

Published

on

In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 18,891.78 0.63%
ethereum
Ethereum (ETH) $ 1,304.52 1.63%
tether
Tether (USDT) $ 0.999788 0.25%
chiliz
Chiliz (CHZ) $ 0.259432 4.45%
enjincoin
Enjin Coin (ENJ) $ 0.460494 2.29%
decentraland
Decentraland (MANA) $ 0.698674 1.90%
flow
Flow (FLOW) $ 1.64 2.39%
the-sandbox
The Sandbox (SAND) $ 0.863156 3.23%
wax
WAX (WAXP) $ 0.085734 2.26%
ecomi
ECOMI (OMI) $ 0.001253 0.74%