Animoca Brands Corporation Limited shared news about a global licensing agreement with Formula 1 (F1) to develop a blockchain game based on the world-famous racing series.
Animoca commenced by informing that the game is named as F1 Delta Time. The game would be based on non-fungible tokens (NFTs). A non-fungible token (NFT) is a special type of cryptographic token which is not interchangeable.
Yat Siu, co-founder and chairman of Animoca Brands cited –
“Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement. We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”
Animoca expressed the stand of F1 motorsport globally. F1 is world renowned and is the most popular annual sporting series. The motorsport is hosted in 21 countries spanning five continents. During the nine months of racing per year, F1 attracts an estimated 1.6 billion television viewers. The sport also attracts highly prestigious companies as sponsors.
Animoca further added that F1 was acquired by Liberty Media in 2016. Ever since Liberty Media acquired F1, there have been constant improvements. The fan experience has been revamped through partnerships with the world’s most innovative companies. There have been significant investments in new technologies while also fostering deeper fan engagement.
As part of the terms of the agreement, Animoca Brands will assist in building fan engagement by developing and publishing the blockchain game. The game will have collectible items based on NFTs. It would also feature racing components using the collected NFTs. The first phase of the game would be launched in May. Animoca shared the pre-launch website of the game, offering product news and updates.
Animoca touched upon how this partnership would help broaden its consumer outreach. The company could potentially drive growth and product awareness by leveraging the robust brand image of F1.
Animoca Brands concluded by throwing more light about its engagements in the industry. The company uses gamification, the blockchain, and artificial intelligence technologies to develop and publish a suite of mobile products including games. The company also builds products based on popular intellectual properties. Animoca Brands is based in Hong Kong, Canada, Finland, and Argentina.
Earlier this month, Animoca Brands announced that its subsidiary Pixowl has launched Wonder Park Magic Rides, a mobile game based on an animated film, Wonder Park. Animoca Brands stands out as a media major from such developments.