Animoca Brands fires starting gun on digital F1 token crate sale
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Special Report: F1® Delta Time starts crate sale for official Formula 1 NFTs of race cars, drivers, driver gear and car components.
Animoca Brands (ASX:AB1) says the official crate sale for its F1® Delta Time has started, allowing users to buy digital ‘crates’ containing non-fungible tokens (NFTs) for the blockchain-based car driving game.
The sale started on February 25 and ends on March 9. The NFTs are for officially licensed Formula 1 drivers, driver gear, and tyres for use in the game F1® Delta Time. All unsold crates, together with the contents inside, will be destroyed forever after March 9.
Animoca Brands is the developer and publisher of F1® Delta Time, a blockchain game licensed by Formula 1.
A non-fungible token is a special type of cryptographic token which represents a digital asset that is unique, indivisible and valuable.
The blockbuster CryptoKitties, created by Dapper Labs, which Animoca Brands has invested in, made the concept of NFTs into a global phenomenon when it began selling its digital cat tokens in late 2017.
Crates in F1® Delta Time are ERC-20 tokens built on the Ethereum blockchain and are being sold in 4 tiers: Common, Rare, Epic, and Legendary.
Purchases can be made using cryptocurrencies such as ETH, DAI, OST, USDC, USDT, and others. Players can choose to open their crates, sell them to other players, or hold on to them for future use. Each tier of crates has a limited supply:
· Common crates: 2,500
· Rare crates: 2,000
· Epic crates: 1,500
· Legendary crates: 500
Each crate contains five NFTs, including race cars, drivers, car components, driver gear, or tyres. The contents of crates are random, with cars and drivers being the rarest to obtain.
In F1® Delta Time there are five rarity levels for NFTs: Apex, Legendary, Epic, Rare, and Common, with Apex being the scarcest. The rarity levels of the NFTs in each crate are determined based on the tier of the crate:
· Common crates: one Rare and four Common NFTs
· Rare crates: two Common and three Rare NFTs
· Epic crates: three Common, one Rare, and one Epic NFTs
· Legendary crates: three Common, one Rare, and one Legendary NFTs
Crates can randomly contain an item that is one level higher than the tier of the crate – for example, a Rare crate may contain two Common, two Rare, and one Epic NFTs (instead of the normal two Common and three Rare NFTs).
Players can enjoy an early bird discount when buying crates in the first week of the sale, until March 2, 2020. The following table shows the prices of crates in US dollars during both weeks of the sale:
Players will receive a 5 per cent discount on every fifth crate purchased from the same rarity tier.
After registering an account at www.F1DeltaTime.com, each player will receive a unique referral link, allowing them to earn 2.5 per cent of the value of any crate purchases that happen through their referral links.
Players will receive “Car Tickets” for all crate purchases; the number of car tickets players will receive depends on the tier of crate purchased:
· Common crate: one car ticket
· Rare crate: two car tickets
· Epic crate: three car tickets
· Legendary crate: five car tickets
The car tickets give players a chance to win rare unique cars: three of the cars from the “Four Guardians” collection celebrating Chinese New Year will be randomly awarded to three players after the crate sale.
These cars, named “White Tiger”, “Black Tortoise”, and “Vermillion Bird”, are of the highest rarity level: Apex. The first of the Four Guardians cars – “China Edition 2019 Azure Dragon” – was recently sold at auction for 91 ETH.
The Four Guardians Apex cars will be unlocked upon reaching crate purchase milestones, with the first race car being made available once 2,000 crates are sold, the second car after 4,000 crates are sold, and the third after all 6,500 crates are sold.
A lucky draw will be conducted to determine the winner of each car. The more car tickets a player has, the higher the chance to win one of the Four Guardians Apex cars.
In F1® Delta Time, cars are NFTs and will have the ability to generate REV, an ERC-20 token and the primary in-game currency, through “staking”, with rarer cars generating higher amounts of REV.
When you choose to stake your car, you temporarily transfer ownership to F1® Delta Time and lose the ability to use, race or trade that car, but you will earn REV based on the period of time that your car is staked.
F1® Delta Time has previously completed auctions of five unique and official Formula 1 NFTs of the Apex rarity level.
These started with the landmark “1-1-1” digital car collectible that sold on May 28, 2019 for a record price of 415.9 ETH (worth approximately $US113,000 at the time of sale).
This was followed by the “Monaco Edition 2019”, “France Edition 2019”, “Japan Edition 2019” and “China Edition 2019 Azure Dragon” which sold for 387.11 ETH in total.
In addition, F1® Delta Time auctioned the first 10 official F1 team cars in the Pole Position Auction held from November 28 to December 1, 2019, which fetched a total of 121.5172 ETH (worth approximately $US18,608 at the time of sale).
Those team cars were all of the Epic rarity level.