Animoca Brands to launch a REVV utility token on Uniswap

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REVV will begin trading for Ethereum on Uniswap from September 4th 2020

To further compliment this week’s news from Animoca Brands that they will be partnering with the iconic Care Bears brand in the Sandbox metaverse. Now Animoca Brands have announced they will launch a REVV utility token across its blockchain racing games.

The announcement of the REVV token and shared ecosystem is extremely interesting for the blockchain game category but the decision to launch on Uniswap is also pivotal. The decentralized exchange has been at the center of the recent DeFi explosion and has witnessed impressive growth in Q2 2020.

REVV will begin trading for Ethereum on Uniswap from September 4 2020 and the token’s initial price will be set at $0.00666.

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The ERC-20 token will be used within F1 Delta Time. F1 Delta Time is the officially-licensed Formula 1 racing game currently in beta testing mode. REVV will also be useful within another game based on MotoGP that will launch into beta in Q4. Animoca Brands have also stated that REVV will be used for a third, as-yet-unannounced game based on a “global racing franchise.”

The launch of the REVV token is intended to create a shared economy between the three blockchain games which Animoca Brands believes could not only drive interest between the games but also potentially drive up the value of the token by giving it a larger overall user base.

REVV will become “the currency of purchase, utility, and action” for Animoca’s motorsports titles. To begin with, the token will be used for paying entry fees into F1 Delta Time’s core Time Trial and Grand Prix game modes.

Players will be able to earn REVV through gameplay in a play-to-earn model. Plus, they can earn REVV for staking NFTs with the ability to stake REVV to potentially earn additional NFTs.

F1 Delta Time was announced at the start of 2019 with crate sales for licensed digital assets starting in February 2020. The first crate sale generated $364,000. Furthermore, F1 Delta Time auctioned off a series of limited edition cars and F1 team cars, bringing in 924.5 ETH in total, worth just over $400,000 at the time of writing.

As always we will continue to monitor developments. Make sure you bookmark the new DappRadar DeFi page and sign up to our newsletter below to get updates direct to your inbox. 

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