An NFT-based Formula 1 (F1) racing game has been permanently shut down, leaving token holders reeling.
F1 Delta Time, an official NFT and crypto-powered racing game that first released in 2019, was shut down last month, according to a report by Kotaku. Investors who held the game’s tokens are now left with nearly worthless NFTs, and many are asking if this will happen to other crypto-focused companies in the future.
F1 Delta Time appeared to be a poster child for the application of NFT in gaming at first, according to the research. In addition to the opportunity to trade tokenized cars on the marketplace, players were given the option to “play to earn.”
In 2019, one of these NFTs sold for almost $100,000, making it the most successful car sale on the game’s platform.
Animoca, the game’s owner, was unable to renew its F1 license, and the game was shut down on March 16, despite its early success. The game’s designer has replied to customer complaints about being left with worthless NFT tokens by promising that they may be traded for “Replacement Cars” that can be used in the REVV Racing game, which is based on polygons.
Users can also exchange their now-worthless NFTs for a range of other virtual assets, which the developer claims will be utilized to earn NFTs in future games.
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