F1® Delta Time, an NFT and racing game backed by Animoca Brands, has lost its Formula 1 license and will abruptly stop all activity this Wednesday. All NFT issued with images based on Formula 1 cars will be now void, with players receiving similar collectibles in another racer game, REVV Racing.
F1® Delta Time held one last snapshot for the last buyers of NFT car tires, who will be reimbursed with a snapshot from March 16.
The cars themselves will be replaced with similar NFTs in the wider REVV Motosport ecosystem.
What Happens to Branded NFTs
The issue of nulling NFTs, even legendary ones that kicked off the hype for trading in 2021, remains worrying. Multiple projects rely on sports brands, with uncertainties around the usage of player names, images or team licensing.
Projects like Sorare may be especially prone to future problems, if the usage of images is not decided for the long term. The only silver lining is that other NFTs may hold the same value, though never the same as the unique 1-1-1 car that was bought by user Metakovan back in 2019.
Beyond the unique or legendary cars, F1® Delta Time had 40.5K items listed on OpenSea, with 1,800 registered owners. Over time, the floor price of items fell under 0.001 ETH, signaling there was even no bot activity.
Will REVV Racing Compensate the Popularity of F1® Delta Time
The collections in the past few months only saw under five trades per day. At the same time, REVV Racing may be offering more value when it completes its launch. REVV Racing had more than 52K owners and a floor price of 0.002 ETH.
Unique REVV Racing cars have asking prices in the thousands of ETH, though some of the latest sales happened around 0.15 ETH, as the market now swaps less valuable items.
REVV Racing may be capable of compensating the former car owners. The game is growing its audience, also unfortunately attracting hacking attempts.
The only original NFT items for the game are sold on its verified account on OpenSea.