According to an announcement on 22 November, the auction will take place on 28 November, with fans already able to take part in a live competition and win various prizes.
As previously reported, Formula 1 has 1.6 billion TV viewers in over 180 regions and 506 million fans worldwide.
NFTs can be used within the F1 Blockchain game
Unlike most crypto currencies, non-fungible tokens are a kind of digital collector’s item: non-fungible means that they cannot be exchanged with each other, carry unique information, and are of varying rarity.
F1 Delta explained that it had set 5 different rarity levels for the 10 official race cars being auctioned. Each NFT will be usable in the planned official game F1 Delta and will be auctioned simultaneously in a descending Dutch format with a starting price of 30 Ether (ETH).
All F1 team cars will be included in the NFT auction. These are Mercedes AMG W10, Ferrari SF90, Red Bull Racing RB15, McLaren MCL34, Renault R.S. 19, Racing Point RP19, Toro Rosso STR14, Alfa Romeo Racing C38, Haas VF-19 and Williams FW42.
According to the announcement, the performance indices of all vehicles are similar and will be released next week. In the F1 Delta game, fans can currently predict the order of sale of F1 team cars. Prices include, for example, 30 ethers and various types of non-fungible tokens from F1 Delta Time Car Gear.
Make Blockchain more popular
As reported, Formula 1 signed a global license agreement with the blockchain startup Animoca Brands in March this year, paving the way for the development of F1 Delta Time Game.
At the time, both parties stressed the considerable size of the Formula 1 brand and that this new licensing agreement could expand the Blockchain offering to consumers.
Animoca Brands has also entered into a licensing agreement with Atari. The video game company has become known for iconic video games such as Tetris and Pac Man.
In February 2018, Atari’s share price skyrocketed by over 60 percent after the company announced its intention to invest in crypto currency.
Ethereum co-founder Vitalik Buterin has argued that non-financial blockchain applications may have greater difficulty asserting themselves. He cited NFTs and games as the areas that could potentially make the technology more attractive.