Animoca Brands, developer gamification, blockchain, and artificial intelligence technologies, announced a milestone with the first official Formula 1 digital collectible, the 1-1-1 car, being acquired at auction for 415.9 ETH, worth approximately USD $113,000 at the time of sale.
This winning bid represents one of the highest sums ever paid for a game-based non-fungible token (NFT) or virtual asset, and the highest price for a branded game NFT.
The 1-1-1 is the first digital car to be released for the upcoming F1 Delta Time blockchain-based game.
The 1-1-1: a unique car and a milestone in motorsport
The 1-1-1 has a sleek aerodynamic design of black carbon composite, rose gold plating, and glittering diamond crust. Like its striking and unconventional shell, the performance of the 1-1-1 stands out from the crowd, with performance indices above the maximum levels to deliver unmatched speed, acceleration, and grip.
The 1-1-1 is a non-fungible token (NFT) for the new blockchain-powered game F1 Delta Time, developed by Animoca based on the world’s most popular annual sporting championship.
The first phase of the game, available now, consists of the collectible component featuring NFTs based on F1.
The name of the 1-1-1 signifies the first official Formula 1 NFT, the first F1 Delta Time car auction, and the only one of its kind. This is a unique item: a true one-of-a-kind digital collectible and a digital milestone in motorsport.
The 1-1-1’s final auction bid of 415.9 ETH, valued at approximately US$113,000 at the time of writing, places it firmly among the most valuable virtual assets ever sold. It is also one of the highest auction prices for NFTs, and sets a record for the highest price ever paid for a branded game NFT.
Rare digital collectibles can sell for very high sums at auction. The most expensive CryptoKitties NFT (Dragon) sold for 600 ether (about USD $170,000 at time of sale). The upcoming Gods Unchained famously auctioned an NFT (Hyperion) that sold for 146.271 ether (about USD $60,000 at time of sale).
Unlike most other digital items, NFTs can attain such value because blockchain technology enables these digital assets and collectibles to carry properties more often associated with the real world, such as authenticity, rarity, provenance, and scarcity. An NFT and all of its properties are always independently guaranteed, verified, and secured on the blockchain.
F1 Delta Time
F1 Delta Time is a blockchain game licensed by Formula 1, developed and published by Animoca Brands. The game consists of a collectible component based on NFTs as well as a racing component utilizing those NFTs. The collectible component is available now, and the racing component will launch in early 2020.