First official Formula 1® non-fungible token auction closes at record 415.9 ETH

“1-1-1” fetches one of the highest prices ever for virtual assets

29 May 2019 - Announcing a milestone in motorsport: the first official Formula 1® digital collectible, the 1-1-1 car, has been acquired at auction for 415.9 ether, worth approximately US$113,000 at the time of writing. This winning bid represents one of the highest sums ever paid for a game-based non-fungible token (NFT) or virtual asset, and the highest price for a branded game NFT.

The 1-1-1 is the first digital car to be released for the upcoming F1 Delta Time blockchain-based game. Additional auctions will be held from time to time at www.F1DeltaTime.com.

The 1-1-1: a unique car and a milestone in motorsport

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The 1-1-1 has a sleek aerodynamic design of black carbon composite, rose gold plating, and swathes of glittering diamond crust. Like its striking and unconventional shell, the performance of the 1-1-1 stands out from the crowd, with performance indices above the maximum levels to deliver unmatched speed, acceleration, and grip.

The 1-1-1 is the first ever official non-fungible token (NFT) for the new blockchain-based game F1 Delta Time, developed by Animoca Brands and based on the world’s most popular annual sporting championship. The first phase of the game, available now, consists of the collectible component featuring NFTs based on F1. 

The name of the 1-1-1 signifies the first official Formula 1 NFT, the first F1 Delta Time car auction, and the only one of its kind. This is a unique item: a truly one-of-a-kind digital collectible and a digital milestone in motorsport.

Setting records
The 1-1-1’s final auction bid of 415.9 ether, valued at approximately US$113,000 at the time of writing, places it firmly among the most valuable virtual assets ever sold. It is also one of the highest auction prices for NFTs, and sets a record for the highest price ever paid for a branded game NFT.

Rare digital collectibles can sell for very high sums at auction. The most expensive CryptoKitties NFT 

(“Dragon”) sold for 600 ether (about US$170,000 at time of sale). The upcoming Gods Unchained famously auctioned an NFT (“Hyperion”) that sold for 146.271 ether (about US$60,000 at time of sale).

Unlike most other digital items, NFTs can attain such value because blockchain technology enables these digital assets and collectibles to carry properties more often associated with the real world, such as authenticity, rarity, provenance, and scarcity. An NFT and all of its properties are always independently guaranteed, verified, and secured on blockchain.

F1® Delta Time
F1 Delta Time is a blockchain game licensed by Formula 1, developed and published by Animoca Brands. The game consists of a collectible component based on NFTs as well as a racing component utilising those NFTs. The collectible component is available now, and the racing component will launch in early 2020. For more information please visit www.F1DeltaTime.com or join the official Discord channel at https://discord.gg/s6wn7dk.

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About Animoca Brands
Animoca Brands (ASX: AB1) leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products based on popular intellectual properties such as Garfield, Snoopy, Thomas & Friends™, Ever After High and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Dapper Labs, WAX, Harmony, and Decentraland, and it is also the exclusive China distributor of CryptoKitties. The Company is based in Hong Kong, Canada, Finland, and Argentina. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.

 

Contact: press@animocabrands.com

The F1 FORMULA 1 logo, F1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing BV, a Formula 1 company. All rights reserved.​

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