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Explained: REVV Token

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DappRadar

Powering motorsport on the blockchain

REVV is a cryptocurrency token created on the Ethereum blockchain with its purpose to be used by motorsport games within the REVV ecosystem, which includes F1 Delta Time created by Animoca Brands.

Animoca Brands are attempting to become a leader in blockchain gamification by developing and publishing a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products utilizing intellectual properties such as Formula 1, Marvel, Power Rangers, and MotoGP. 

Source: CoinMarketCap

In the first 10 weeks of 2021, the price of REVV has increased 500% from $0.06 to $0.36. 

F1 Delta Time

In March 2019, Animoca Brands made an announcement that it had an agreement with Formula 1 to develop and publish F1 Delta Time, which allows players to own a digital version of a Formula 1 race car through the use of NFTs.

Formula 1 is a brand with a broad reach broadcasting to over 180 territories, attracting a TV audience of about 1.6 billion which suggested the clear potential to bring a new audience to the industry. It provided a shrewd move as the winning bid for the first NFT race car by an unknown user closed 415.9 ether (ETH) or $110,600 at the time of sale or almost $750,000 at the time of writing. In 2021, this sale would appear to be just another day in the world of NFTs but at the time this was quite a sensation.

More recently, a rare Williams Racing NFT race car sold in F1 Delta Time for $198,740 or 1.25 million REVV. Using the DappRadar portfolio tracker you can see what else the owner has purchased. 

The idea of the REVV token is to serve as the single currency that connects Animoca Brands’ blockchain motorsport games. It can be earned by users as gameplay rewards and through staking. The token circles back into the economy when used by players to pay gameplay fees or make NFT purchases. 

Play-to-Earn with REVV

As previously mentioned the main utility of REVV right now is within F1 Delta Time where players can use, and earn the token through various interactions. Mainly, REVV can be used for making purchases for F1 Delta Time NFTs and paying gameplay entry fees. Gameplay consists of Time Trial and Grand Prix modes but moreover players can earn gameplay rewards based on their in-game performance and also pay a portion of the gameplay fee as a dividend to track owners. 

Finally, players can stake their NFT race cars to earn REVV with the amount of REVV earned depending on the rarity and value of the NFTs and the length of the staking period. 

F1 Delta Time is the first game that’s playable within the REVV ecosystem, but more is coming. Animoca Brands is working on MotoGP Ignition and Formula E, while Atari’s classic IPs Fatal Run and Night Driver will also tap into the ecosystem. This means that the economies of all these racing game are connected through the use of the REVV token. 

The top exchanges for trading in REVV are currently KuCoin and Uniswap. Exchanges usually offer several pairing options, giving token owners the chance to choose a pairing based on currencies they already possess. Below are the top 5 trading pairs for REVV.

Source: CoinMarketCap

Summary

REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilized across multiple connected products. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands.

Back to top blockchain game tokens

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