NFT-Based F1 Game Shuts Down, Leaves Investors Hanging

An NFT Formula 1 game has shut down permanently, leaving token holders with worthless holdings. The game was launched in 2019 but shut down last month. NFT investors are now worried similar things could happen to other crypto-related projects.

Early Success of the Play-to-Earn Model

The F1 Delta Time game was one of the first games in the niche that managed the implementation of NFT in gaming. Players had the option to “play to earn” and trade tokenized cards on NFT marketplaces. The project was so successful that one NFT sold for an astonishing $100,000. This was one of the highest NFT car sales on the game’s platform.

Unfortunately, the game’s owner, Animoca, couldn’t renew its license, which resulted in the game shutting down on March 16. 

Regardless, the game’s creator has promised that now worthless NFT tokens could be exchanged for “Replacement Cars” and used in the Polygon-based REVV Racing game.

The team behind the game also offers NFT holders the option to swap their worthless NFTs for other virtual assets with hopes to use them in future games.