NFT representing 5% of Monaco F1 Delta Time track auctioned for $220K

NFT-powered racing game F1 Delta Time has auctioned off a segment of an in-game track for $222,000.

A segment of a race track in F1 Delta Time, a non-fungible token-powered motorsports game from Animoca Brands, has been auctioned off for more than 9 million of the company’s REVV tokens, worth approximately $222,000. Animoca says it’s a record price for an in-game NFT.

The token, “Formula 1 Grand Prix de Monaco 2020 1A” was auctioned on NFT marketplace Open Sea, with bidding taking place from Nov. 29 until Dec. 2. The token offers its owner an "Apex” share in the game’s Circuit de Monaco track.

Congratulations to @MetaKovan and the @metapurse proud owners of the @F1DeltaTime 1-1-1 and now the A-1 track which sold for a record breaking 9 million $REVV (approx. 222k USD) and runner-up @TonyGuoga Super Fast Team! @REVV_Token @twobadour https://t.co/lNFRL9B9Ro

— Yat Siu (@ysiu) December 2, 2020

Similar to the way users can buy virtual land in Decentraland or The Sandbox, F1 Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players — with Circuit de Monaco comprising 330 tokens of three varying rarities: Rare, Legendary, Epic, and Apex. 

The owners of Delta Time track-NFTs earn dividends from all activity that takes place on their track, including entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.

According to their rarity, track-NFTs will earn either 5%, 7%, 13%, or 25% of gameplay fees, in addition to either 3%, 5%, 11%, or 21% of elite staking yields.

Apex tokens are of the greatest rarity and afford their owner a 5% stake in the entire in-game track. As such, the auction’s closing price implies the entire track could be worth $4.44 million

The Monaco 1A track token is the first F1 Delta Time track-NFT to be auctioned. The token was sold to ‘MetaKovan’, who also made history by purchasing a tokenized Apex race car from Animoca for $111,111 last year.

Speaking to Cointelegraph, Animoca Brands’ co-founder and director, Yat Siu, asserted the Apex token is “the most expensive gaming NFT” by fiat value.

NFTs have gathered significant momentum in recent years, with several game-based tokens garnering six-figure prices.

In September 2018, the CryptoKitties collectible “Dragon” sold for $172,000, just two months before a parcel of virtual land in Decentraland changed for hands for $215,000.

from Cointelegraph.com News https://ift.tt/36tPcDN