Formula 1 NFT game closed after nearly three years of operation

Non-fungible tokens (NFTs) have become increasingly popular over the past year. NFTs have found a new use case in the blockchain gaming sector, but their adoption and success in the field have been limited to only a few projects.

F1 Delta Time, an NFT and blockchain-based racing game, was recently closed. The game was launched in 2019, and over the years, it has attracted quite a following. However, the community was left stranded after the game shut down last month.

Formula 1 NFT game shut down

Following the closure of this game, the investors that had poured money into this project have been left stranded. Blockchain-based projects that sink tend to affect investor funds because the money invested in those platforms through private tokens loses value when the prices of these tokens dip.

The F1 Delta Time was among the first NFT titles to be licensed. It managed to enter the NFT and blockchain space before it was filled with other leagues and sports looking to attract a new target audience and adopt an innovative way of boosting fan engagement.

The game announced its closure on March 15. It only gave users one day to come to terms with the closure, as the game operations were officially halted on March 16. Some new investors who had taken part in the game and had not yet earned rewards have made notable losses.

However, this is not a unique case of a game being shut down. Many games have been shut down over the years. However, the closure of F1 Delta Time was iconic, given that it was once one of the most successful projects in the NFT space.

In 2019, the game was behind the sale of the most valuable NFT at the time. The NFT was sold in the form of a car for more than $100,000. It also featured an official F1 license, giving users access to a play-to-earn initiative. The game provided a use case for how games powered by NFTs would work.

Controversy over blockchain-based games

There has been growing controversy over the integration of NFTs into the gaming sectors. Native blockchain-based games have been a success, and they have attracted new users because of the promise of play-to-earn.

However, selling NFTs to the traditional gaming sector has not been easy. For instance, Ubisoft, one of the largest gaming companies, announced that it would be adopting an NFT feature into its platform last year. The announcement caused much uproar from the community, with some saying that they would no longer work with the platform if NFTs were adopted.

FTX, one of the leading cryptocurrency exchange platforms in the US, has announced a strategic partnership with a gaming company that seeks to change the perception of gamers on NFTs. FTX wants to educate gamers about NFTs and how they can benefit the entire sector. Despite the opposition, NFT based games have attracted quite a following because of their play-to-earn features.