Another week, another record NFT sale!
Non-fungible token-powered motorsports game F1® Delta Time from Animoca Brands has set a new NFT sale record this morning (02.12.20).
A section of a track has been sold for more than 9 million of the company’s REVV tokens, worth approximately $223,000 at the time of writing. Animoca says it’s a record price for an in-game NFT.
The NFT token, “Formula 1 Grand Prix de Monaco 2020 1A” was auctioned on NFT marketplace OpenSea, with bidding taking place from Nov. 29 until Dec. 2. The token offers its owner an “Apex” share in the game’s Circuit de Monaco track.
Introducing track NFTs
One of the key elements of F1® Delta Time is that all of the core assets of the game are NFTs, and this includes the tracks themselves. Unlike the other game NFTs, tracks are assets that will reward owners with entirely passive dividends in the form of REVV.
Track owners receive shares of all the gameplay fees and staking events that take place on their track — if you’re a track owner, just sit back and watch the REVV flow in.
This is just one more record in a line of impressive results for NFTs over the last few years. In July 2018 a parcel of virtual land in Decentraland changed hands for $215,000rel=”nofollow”.
Similar to how users can buy virtual land in Decentraland or The Sandbox, F1® Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players — with Circuit de Monaco comprising 330 tokens of three varying rarities: Rare, Legendary, Epic, and Apex.
Interestingly, the owners of F1® Delta Time track-NFTs can earn dividends from activity taking place on their track. This includes entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.
According to their rarity, track-NFTs will earn either 5%, 7%, 13%, or 25% of gameplay fees, in addition to either 3%, 5%, 11%, or 21% of elite staking yields.
Apex tokens are of the most notable rarity and yield owners a 5% stake in the in-game track. The Monaco 1A track token is the first F1® Delta Time track-NFT to be auctioned.
The token was sold to ‘MetaKovan’, who also made history by purchasing a tokenized Apex race car from Animoca for $111,111 last year. MetaKoven is no stranger to purchasing F1® Delta Time NFTs and a quick look inside their wallet using the DappRadar portfolio tracker shows the extent to which they are involved.
NFTs have attracted significant attention in 2020, with several game-based tokens raising six-figure prices. The introduction of NFTs to the gaming category is a truly exciting evolution providing players with a real-world financial benefit to playing and spending time within the platform.
DappRadar’s vision for NFTs
NFTs have risen to prominence in 2020 after staying mostly under the radar until now. Earlier this year DappRadar began tracking the growing NFT space more closely with the introduction of a dedicated NFT marketplace page.
As seen in the chart, 24hr trader counts are up considerably in the last 3 months as people clamber to make sense of this new asset class and its benefits. Dapps are looking at NFTs as a way to reward loyal users and stimulate new users and volume into their platforms.
From a user perspective, NFTs represent a significant investment opportunity. In this instance, the owner of The Monaco 1A track token will be able to earn dividends from other users with the further incentive that as the first track auctioned off, its value should theoretically increase as F1 Delta Time gains more adoption and users.
2021 is shaping up to be a very interesting time for NFTs. Indeed, the sky is the limit when you consider the idea that anything ‘in theory’ can be tokenized and fractionalized. As a slew of startups and new contenders vie for dominance in the space it will be fascinating to see the next wave of innovation in the blockchain sector.
As always we will continue to track and monitor developments. Make sure to bookmark DappRadar.com and sign up for our newsletter below to receive updates direct to your inbox.