Animoca Brands has entered into a global licensing agreement with Formula 1 to launch a new blockchain-powered game around the F1 racing series.
The deal arrives amid the latest figures reveal that Formula 1 draws in viewing figures of around 1.6 billion television viewers from across more than 180 territories, and engages with more than 506 million fans worldwide.
It may have been this allure that drew Animoca into a new partnership with the brand that will now see it publish a blockchain game titled F1 Delta Time. it will be based on non-fungible tokens.
The game will feature a racing element making use of the NFTs, as well as a collectable component based on NFTs, while the blockchain technology will use the brand power of Formula 1 to increase the involvement and the number of people interacting with the tech.
Yat Siu, co-founder and chairman of Animoca Brands, said: “Securing a partnership to make blockchain games with Formula 1 – one of the most recognised brands in sport – is a notable achievement. We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”