Revv Motorsport provides a way out for F1 Delta Time NFT Holders

Revv Motorsport has deployed solutions to help the NFT holders of the P2E NFT-based racing game, F1 Delta Time which was recently shut down recoup their losses.

May 16, 2022
by Michael
Revv Motorsport provides a way out for F1 Delta Time NFT Holders

On the 16th of March, 2022, F1 Delta Time, one of the first-ever licensed NFT games, lost its official license and was shut down by Animoca Brands. As a consequence, all in-game assets became worthless.

This realization caused a lot of shock and dissatisfaction as holders of its NFTs wondered what would be of their investments- one player reportedly spent over US$100,000 worth of Ethereum on a jewel-encrusted car called the 1-1-1 in 2019.

The team released a statement that plans were ongoing to ensure current owners of F1 Delta Time assets are rewarded for their loyalty and support by offering them replacement tokens that can be used in their future projects.

In a more recent announcement, Animoca Brands in collaboration with Revv Motorsport have come up with a solution for the NFT holders by offering three options as a possible way out.

These solutions include:

1. Swap

Players can choose to sway their NFTs for Race Passes inside of Revv Motorsport. Through these passes, players will access the staking program managed by the game’s team. Meanwhile, the old NFT assets would be burned since they have lost utility.

2. Transform

This solution involves exchanging all of the little parts of each NFT-based car with an equivalent value part inside of Revv Motorsport. This way, a complete modification occurs, and players do not lose the pieces they own. In addition, a new set of cards of the same rarity as the one they held will be air-dropped for players as alternative support.

3. Keep

The last option for players is to simply keep the F1 Delta Time NFTs to themselves in hopes of a future value increase due to their rarity.

This move is impressive as NFT holders won’t be stranded and might be able to recoup their losses.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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