- Animoca Brands will launch a REVV utility token across blockchain racing games.
- It will be used for F1 Delta Time, a MotoGP game, and another unannounced title.
- The token will be hosted at Uniswap, which has seen skyrocketing demand of late.
On the same day it announced a Care Bears alliance for The Sandbox, Animoca Brands today revealed that it will launch a REVV utility token for upcoming blockchain-based racing games. The token will debut on Uniswap.
The ERC-20 token will be used within F1 Delta Time, the officially-licensed Formula 1 racing game that is partially available in beta testing, along with a game based on the MotoGP motorcycle racing series that will launch into beta in Q4. REVV will also be used for a third, as-yet-unannounced game based on a “global racing franchise.”
The launch of the REVV token will create a shared economy between the three games, which Animoca Brands suggests could not only drive interest between titles but also potentially drive up the value of the token by giving it a larger overall user base.
Furthermore, players will be able to earn REVV through gameplay in a play-to-earn model. Plus, they can earn REVV for staking non-fungible tokens (NFTs) they own as well as stake REVV to potentially earn additional NFTs.
REVV tokens are fungible, but the in-game content in those titles are largely non-fungible. For example, F1 Delta Time lets players certifiably own assets based on licensed cars, drivers, and tracks, and build a collection of one-of-a-kind digital items.
F1 Delta Time was announced in early 2019 and began crate sales for licensed digital assets earlier this year. The first crate sale, held between February and March, generated $364,000. Before that, the game auctioned off a series of limited edition cars and F1 team cars, bringing in 924.5 ETH in total, worth just over $400,000 today.
While the announcement of the REVV token and shared ecosystem is interesting, so too is the decision to launch on Uniswap. The decentralized exchange has seen absolutely explosive growth of late, fueled by interest in decentralized finance (DeFi).
Uniswap’s liquidity has multiplied more than sixfold in the last week, going from nearly $308 million on August 26 to a peak of $1.95 billion on August 31. Likewise, volume on Uniswap has seen similar growth, skyrocketing from $141 million on August 26 to nearly $954 million on August 31.