Another NFT project has bit the dust. This time, it's the official F1 NFT-based game "F1 Delta Time," which has shut down three years after it launched back in 2019.
Kotaku reports that this shutdown follows the first announcement of its closure back on March 15th. But in fact, the original shutdown date was the day after, March 16th. This was extremely short notice for users who might have spent so much money on the Ethereum-based game over three years of it being online.
The main reason for the shutdown was simple: Animoca, the owners of the NFT game, wasn't able to renew the official F1 license. That's it. This was one of the first licensed NFT games to release, which puts a damper on the fact that all the non-fungible tokens bought and sold in its lifetime are now worthless, because the game they're in no longer exists.
Fortunately, the developers of the game are doing what they can to ensure that players won't be leaving empty-handed. Those who bought all of the licensed F1 NFTs are scheduled to get so-called "generic replacement tokens," which they can purportedly use for a different racing game.
Among these tokens include Replacement Cars which players can use for another game called "REVV Racing," which is also another NFT-based game that's still active. But the specific types of replacement vehicles former "F1 Delta Time" players will get are going to depend on the "rarity and power" of the cars they owned in "Delta Time."
Another thing the developers offer is the chance for players to swap their "Delta Time" cars for a Race Pass. This pass can be used to access "future NFT mints and airdrops" and staking, whatever those may mean.
"F1 Delta Time" was launched by Animoca in March 2019, and one of its first big sales was that of the token called 1-1-1. It was bought by token collector Vignesh "MetaKovan" Sundaresan back then for 415.9 ETH (around $1.4 million at the time of this writing), reports RaceFans.net. Aside from that, it also gained a bit of reputation for a non-fungible token sold for $288,000, with its proceeds going to the rehabilitation efforts following the 2020 Australian Bushfires.
Read also: Checking NFT Value: Here are the Factors To Check if a Non-Fungible Token is Worth Buying
Are More NFT Games Going The Way Of 'F1 Delta Time?'
As much as many people would hate to admit, NFTs are a polarizing and very controversial market these days. For one, it has gained infamy due to all the scams and "rug-pulls" that defrauded so many folks out of their hard-earned money. This is why the fad has had many harsh critics, especially in the gaming industry.
Even a few content creators centered on NFTs and crypto are not too fond of blockchain-based games like "F1 Delta Time," too. Here's a video from the YouTube channel On Chain Gaming, which discusses why play-to-earn games have been "bad so far":
One of the arguments in the video points to the recent demise of "Delta Time": not all NFT game projects will survive. Granted, he did mention how most of these will be spur-of-the-moment, copy-cat games which are only there to help their creators earn a quick buck by mostly doing rug-pull scams.
Rug-pulls are simple: get so many people to invest in your blockchain-based game, make them believe that you're going to put something out, and then disappear with no explanation-taking the money with you.
The only difference with "Delta Time" is that it won't be leaving its former players in the dust, at the very least, by offering other avenues to ensure that their tokens won't lose too much value.
Related Article : Itch.io Says NFTs 'Are A Scam'--But Are They Right?
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Written by RJ Pierce
