A share in a virtual race track in a blockchain-based game has been auctioned off for over 9 million REVV tokens (roughly $223,000).
The game is F1 Delta Time, developed by Animoca Brands, and the specific piece of track from the Circuit de Monaco. The share was sold in the form of a non-fungible token (NFT), the company revealed today.
It's official - @F1DeltaTime Grand Prix de Monaco 2020 1A has a new owner, after a winning bid of over 9M $REVV!
đ±That is over 223K USD at the time of the sale!đ±
The winner of the auction paid 9,081,752 Animocaâs REVV tokens (currently worth 375.56 ETH or about $223,000), potentially making it the biggest NFT purchase to date.
âThis is the highest price ever paid for a game-based NFT, branded game NFT, and, potentially, any NFT,â Animoca Brands said, in a press release shared with Decrypt.
As Decrypt has explained, unlike âcommonâ crypto tokens, NFTs contain identifying information recorded in their smart contracts. This data makes each NFT different and uniqueâand that is what makes them non-fungible and not interchangeable.
NFTs can represent anything that can be digitizedâfrom pieces of art to in-game commodities. Thus, the prices of such tokens are potentially driven by their uniqueness and scarcity.
In the case of F1 Delta Time, all of the gameâs core assets are represented by NFTs. Namely, the Circuit de Monaco virtual track consists of 330 such tokens divided into four tiersâfrom âRareâ to âApex.â Each token represents a share in the virtual track, giving its owner a set of privileges.
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This NFT just sold was in the âApexâ-tier and it will reward its owner with 5% of all gameplay fees and 4.2% of elite staking yields from playersâ depositsâboth paid in Animocaâs REVV utility tokens.
âThe track segment is a non-fungible token (NFT) representing a fractional ownership of 5% in the Circuit de Monaco track inside the blockchain game F1Âź Delta Time,â Animoca Brands explained.
The company noted that not only did the latest sale significantly exceed the sum paid for the first official Formula 1 NFTâthe 1-1-1 Apex car, which became the most expensive NFT of 2019âbut it also set a new all-time high price record for NFTs in general.
As Decrypt reported, previous notable purchases of NFTs include CryptoKittiesâ cat âDragonâ (sold in 2018 for 600 ETHâor $170,000), a rare Batman digital artwork (540 ETHâor $202,000), and a Decentraland parcel that was auctioned off for 2.77 million MANA ($215,000).
Clearly, thereâs gold in them thar NFTs.
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