This week the very first Non-Fungible Token (NFT) issued in the F1 DeltaTime game was sold for circa USD 113,000. This is a big deal.
Let me unpack this for you.
PART 1 – What is a Non-Fungible Token?
1. A NFT is a token of which there is only one. Each NFT is unique. A NFT example in the non-digital world is a work of art…the Mona Lisa is a NFT!
2. In the blockchain world a digital NFT can be transferred from one person to another over the internet. BUT as there is only one, a copy cannot be made (although a forgery can be made…just like in the real world).
3. A forgery would never be able to be used within a game
4. So the first NFT for the F1 DeltaTime Game is a car called “1-1-1” (sold for USD 113,000) you can see it here. This is a one of a kind and will in time be worth I guess millions to some billionaire fan of F1.
PART 2 – What is the F1 DeltaGame?
1. The second part of this is the development of the F1 DeltaTime game itself. There are not a lot of details on how the game will work yet…it is being developed.
2. It will tie into the real world game, for example only drivers (I guess these will be NFT’s you can buy) can only drive for the teams they drive for in real life.
3. Everything in the F1 space from tires, engine parts, helmets, individuals in the pits, advertising space on the track, even celebs will be a NFT and for sale and tradable in a market place
4. This game is part of the F1 real world group so they will have a huge budget to make a good job of it. Read about it here.
The game is likely to be collectibles, think baseball cards on steroids.
Looking forward to what comes next.