Blockchain gaming firm Animoca Brands has announced a licensing agreement with electric single-seater car racing championship Formula E to develop a blockchain-powered motorsports game featuring non-fungible tokens (NFTs).
The Formula E game will utilize Animoca’s REVV utility token as an in-game currency. REVV is also used as an in-game currency for Animoca’s F1 Delta Time title, and upcoming MotoGP game.
Formula E was conceived in 2011 by Jean Todt of the Federation Internationale de l’Automobile (FIA) and made its global debut in Beijing during 2014. The organization now holds 14 races in 12 cities across five continents each season, with the championship attracting a seasonal viewership of 411 million.
After suspending the current season due to the coronavirus pandemic, Formula E’s sixth championship resumed on Aug. 5 in Berlin.
Nov. 6 was a big day for NFTs announcements, with blockchain-powered gaming ecosystem developer Enjin announcing it has partnered with Canadian gaming studio Skymarch to launch three unique titles that utilize non-fungible tokens “to enhance core gameplay.”
The forthcoming games include Crystals of Fate, a collectible card game featuring a “real-time combat system,” Zeal, a player-versus-player-focused action-RPG, and The Galaxy of Lemuria, a survival-crafting MMORPG.
Major decentralized finance (DeFi) protocol Aave also announced a promotional partnership with blockchain-powered “digital pet universe” Axie Infinity. Aave will sponsor the upcoming “Axie Community Alpha” season, putting 4,000 worth of AAVE up for players to win, while stakers with at least 0.65 AAVE locked up can claim a “limited edition Aave-themed NFT” before December 6.
Dapper Labs’ NBA Top Shot has also launched a “rare” wave of “Premium Pack” collectible NFTs. 1,203 of 3,411 packs have sold within 90 minutes of the tokens going on sale. With each pack priced at $24 each, Top Shot has sold nearly $300,000 worth of tokenized basketball “moments” already.
2020 has seen NFTs rise in popularity, with the five-largest Ethereum-powered marketplaces for NFTs pushing more than $1 million in daily volume during October according to DappRadar.
NFT sales have since declined, with the top-five marketplaces driving $263,000 in daily trade.