After four days of bidding, a crypto collectible virtual Formula 1 race car has been auctioned off for over $100,000 in ether (ETH), May 27, 2019.
The 1-1-1 car is a non-fungible token (NFT) type of crypto, making it a one-of-a-kind digital collectible. It is also the first car to be auctioned on an unreleased and relatively unknown game called “F1 Delta Time” from Animoca Brands.
With such a huge sale and little hype around this auction prior, some have speculated that this may be a rather large PR stunt.
“Players are free to do anything they want with their NFTs: they can sell them on a marketplace for real money, collect them, or use them in F1 Delta Time when the racing component launches. Since NFTs exist independently across blockchain, players can even use their Formula 1 NFTs in other blockchain games (third party support required).”
Sold for a whopping 415.9 ETH, the ERC721 based crypto-car, assuming the sale is authentic, has demonstrated once again that NFTs are lucrative and offer numerous possibilities within the video game and digital art space
The press release adds:
“Rare digital collectibles can be extremely valuable. For example, the CryptoKitties unique NFT “Dragon” sold for 600 ether, the equivalent of about US$170,000 at the time of sale; the NFT “Hyperion” for the upcoming Gods Unchained sold for 146.271 ether, worth approximately US$60,000 at the time of sale.”
A decentralized application (dApp) called CryptoKitties popularized this token type in 2017, offering players a novel collectibles game wherein they could purchase and trade these one-of-a-kind tokens.
Ever since NFTs have gained traction in both the digital art space and video game industry.
Dapper Labs, the creators of CryptoKitties, recently rolled out an upgrade to their NFT license with the sole intention of bringing “more use cases for the collectibles,” lifting previous limitations and enhancing ownership rights, BTCmanager reported.
On May 20, 2019, Dapper Labs also announced their latest blockchain game called “Cheeze Wizards,” where NFT Wizards are used for dueling to place first in a tournament and earn a pot-prize of ether.
This facet of the industry has its sights trained on the video game sector as well with the latest hype surrounding Sony’s flagship gaming product, the PlayStation 5 and its potential implementation of a blockchain-based digital rights management (DRM) system.
The idea behind this DRM system is to ensure that digital products you purchase are yours forever. In the case of the PlayStation 5, video games and any digital rights one owns for games can be traded on this DRM platform. The implications of such a large company adopting this technology may be the final bridge between crypto and gaming.