Animoca Brands (ASX:AB1), a Hong Kong-based mobile game developer, has partnered with Formula 1 to develop and publish F1 Delta Time, a racing game that leverages non-fungible tokens (NFTs).
We partnered with @F1 to make the #blockchain game "F1 Delta Time"! Phased launch starts in May. Check out the announcement and images at https://t.co/Dbav7oK57R #f1 #blockchaingames #nft #racing pic.twitter.com/ra8epfryWr
— Animoca Brands (@animocabrands) March 26, 2019
According to a press release shared with us, the new game will have an NFT collectibles component, in addition to a racing component that leverages the NFTs built on the ERC-721 and ERC-20 standards.
The ERC-20 tokens will function as a currency in the game and will be used to pay entry fees and purchasing certain items.
"Securing a partnership to make blockchain games with Formula 1 -- one of the most recognised brands in sport - is a notable achievement," said Yat Siu, Animoca Brands's co-founder and chairman. "We will leverage Formula 1's considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain."
The first "phase" of the game, featuring NFTs based on Formula 1's intellectual property, will be launched on May 10.