The blockchain startup Animoca Brands announced that it has signed a global licensing agreement with Formula 1® to release a blockchain game based on the world-renowned racing series. The news was published in a March 26 press release from Animoca.
Blockchain Gaming Startup has signed agreement with Formula 1
F1® is regarded as the top of motorsport and is the world’s most popular annual sports series. The company is represented worldwide and organizes 21 races in 21 countries on five continents. In the nine months of the race each year, the F1 attracts 1.6 billion television viewers, 506 million fans and 4.1 million racers. The sport has the most valuable sports fan base in the world and attracts top-class companies as sponsors, including Pirelli, DHL, Rolex, Emirates and Heineken, among others. Broadcast partners include Sky, Fox Sports and ESPN.
Under the terms of the licensing agreement, Animoca Brands will help promote fan loyalty by developing and publishing the blockchain F1 Delta Time game. The game will have a collector component based on non-fungible tokens (NFTs) and a racing component based on these NFTs. The first phase of the game with NFTs based on Formula 1 Intellectual Property will begin on May 10, 2019.
Animoca Brands believes that the licensing agreement can significantly expand the company’s reach with consumers and aims to increase growth and product adoption by leveraging the significant brand power of Formula 1.
Yat Siu, co-founder and chairman of Animoca Brands, said:
“Securing a blockchain game manufacturing partnership with Formula 1 – one of the most recognized brands in sports – is a remarkable achievement. We will leverage the significant global reach of Formula 1 to increase product adoption and revenue growth as we work together to increase customer loyalty to Blockchain.”
At a recent appearance at the Token 2049 crypto event in Hong Kong, Ethereum (ETH) co-founder Vitalik Buterin argued that blockchain applications are becoming increasingly important outside the financial world and recognized that developments such as NFTs and games can help extend the reach of the technology.