Virtual Racing Car Sells for 415.9 ETH
According to the post on blockchain-based gaming platform F1 Delta Time’s website, a user who goes by the pseudonym 09E282 paid 415.9 Ether (ETH) for a token-based virtual Formula 1 racing car. At the time of writing, 415.9 ETH is worth $110.267.
Four Day Auction
Data from Etherscan showed that the blockchain gaming platform had conducted a 4-day auction for the crypto collectible. The auction ended at 6:49 AM UTC on May 27, and there were 15 bidders, who in total submitted 40 competing bids for this virtual racing car.
This virtual Formula 1 racing car is the first of its kind, and is called the 1-1-1. It is also the only one of its kind as the auction page has promised that no other car of the same kind will ever be released.
The auction was run by the company that owns the gaming platform, Animoca Brands, and the collectible was finally sold to user 09E282 after 31 bids.
F1 Delta Time
The game, F1 Delta Time, was created thanks to a partnership between Animoca Brands and the company that owns that Formula One Group, the conglomerate that own the Formula 1 racing brand.
In this game, players have to collect virtual Formula 1 racing cars and race against one another. The game’s website explains that there are competitive advantages to owning certain virtual racing car models.
The game’s website states that players need to collect and trade unique racing cars, components as well as drivers. The cars, drivers and components exist in the form of NFTs (non-fungible tokens) and are based on their ERC-721 token standard.
These tokens are produced in limited quantities, with some being common, and other being extremely rare. The rarest tokens will have the most impressive racing related attributes. It is the scarcity of particular collectibles that help drive up the price.
And according to the latest reports, the 1-1-1 racing car is among the rarest of all the cars in the game.
Crypto Collectibles
Crypto collectibles such as this F1 virtual racing car are quite a recent innovation, where blockchain technology is used to track as well as authenticate them.
One of the biggest crypto collectible games was CryptoKitties, an Ethereum based game. By the end of 2017, collectibles from this game were so popular that more than $12 million worth of CryptoKitties were sold. In fact, one collectible from the game was sold for more than $120,000.