Formula One is set to launch a blockchain-based game after the motor-racing championship agreed a partnership with Hong Kong-based mobile games developer Animoca Brands.
Animoca has secured a global licensing agreement with Formula One to develop and publish F1 Delta Time.
The game will have a collectible component based on non-fungible tokens (NFTs) as well as a racing component utilising those NFTs. The first phase of the game, featuring NFTs based on F1 intellectual property, will be launched on May 10.
The initiative is the latest move by F1 owners Liberty Media to grow the sport and improve the fan experience through partnerships, investments in new technologies, and widening access to content and deeper fan engagement.
Animoca Brands believes that the licensing agreement can considerably broaden the company’s consumer reach, and it aims to drive growth and product uptake by leveraging the significant brand power of Formula One. The firm has a wider vision to switch one billion people on to blockchain.
Yat Siu, co-founder and chairman of Animoca Brands, said: “Securing a partnership to make blockchain games with Formula One – one of the most recognised brands in sport – is a notable achievement. We will leverage Formula One’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”
Formula One’s agreement comes after motorcycling series MotoGP this month signed a deal with SingularCK, offering collectors what it claims is the world’s first official licensed collection of crypto Icons – Cryptobilia.
Purchasing boxes of four randomly selected Icons, the collector will be able to build a full grid of each season of the MotoGP, Moto2 and Moto3 World Championships. Collections of past years and MotoGP Legends will soon follow so the collector can build a crypto gallery of the history of the sport.
Cryptobilia also provides a unique market place where fans can swap or trade Icons, purchase specific Icons to complete their collection or sell doubled up Icons.