F1® Delta Time’s Formula 1 Grand Prix de Monaco 2020 NFT auctioned for ~US$223,000, setting new record

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2 December 2020: Animoca Brands proudly announces that F1® Delta Time’s first Apex race event segment “Formula 1 Grand Prix de Monaco 2020 1A” has sold at auction for the record-setting price of approximately US$223,000. The event segment is a non-fungible token (NFT) representing a fractional ownership of 5% in the Formula 1 Grand Prix de Monaco event inside the blockchain game F1® Delta Time. Separately, the auction for F1® Delta Time’s “Bahrain Edition 2020” Apex car NFT is currently in progress.

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The winning bid for the “Formula 1 Grand Prix de Monaco 2020 1A” event segment was 9,081,752 REVV, equivalent to 375.56 ether or approximately US$223,000 at the time of sale. This is the highest price ever paid for a game-based NFT, branded game NFT, and, potentially, any NFT. The sale significantly exceeds the sum paid for the very first official Formula 1 NFT, the 1-1-1 Apex car, which was bought in May 2019 for the equivalent of approximately US$111,111, making the car the most expensive NFT sold in 2019.

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The Formula 1 Grand Prix de Monaco event auction has broken all previous records, including those set by CryptoKitties’ “Dragon”  (sold for 600 ether or about US$170,000 at time of sale), a five-piece collection of Batman digital art (sold for 540.86 ether or about US$202,000 at time of sale), and a Decentraland parcel (sold for 2,772,000 MANA or about US$215,000 at time of sale), potentially making the “Formula 1 Grand Prix de Monaco 2020 1A” the most expensive NFT ever sold.

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Home to the illustrious FORMULA 1 GRAND PRIX DE MONACO (“Monaco Grand Prix”),  the event laid out on the city streets of Monte Carlo and La Condamine in the principality of Monaco, one of the most glamorous and prestigious locations in motorsport. The Monaco Grand Prix was established in 1929 and is considered one of the world’s most important automobile races.

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In F1® Delta Time, an event consists of multiple segments, each of which is an NFT. These segments are distributed in four tiers of descending rarity: Apex, Legendary, Epic, and Rare (Apex being the rarest and most valuable). The Formula 1 Grand Prix de Monaco event consists of a total of 330 segments, five of which are Apex. Each Apex segment of the Formula 1 Grand Prix de Monaco event represents a 5% share of ownership in the entire in-game event. Ownership of F1® Delta Time event segments entitles owners to passively earn a share of all REVV entry fees collected for all races held on that event in-game, and to a yield based on the REVV staked during Elite Events, held periodically inside the game. Details of the F1® Delta Time event tokenomics are available at this official post.

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The first Apex segment of Formula 1 Grand Prix de Monaco event auction began on OpenSea on 29 November and ended on 2 December 2020, with bidding exclusively in REVV, which is the ERC-20 utility token that serves as currency in branded motorsports games produced by Animoca Brands.

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F1® Delta Time player Metakovan, who in 2019 bought the 1-1-1 NFT for the equivalent of US$111,111 (for details, refer here), won the final bid for the 1A event segment after an intense competition against the Super Fast racing team of politician and championship poker player Tony G (Antanas Guoga).