NFT representing 5% of Monaco F1 Delta Time track auctioned for $220K

A segment of a race track in F1 Delta Time, a nonfungible token-powered motorsports game from Animoca Brands, has been auctioned off for more than 9 million of the company’s REVV tokens, worth approximately $222,000. Animoca says it’s a record price for an in-game NFT.

The token, “Formula 1 Grand Prix de Monaco 2020 1A” was auctioned on NFT marketplace Open Sea, with bidding taking place from Nov. 29 until Dec. 2. The token offers its owner an “Apex” share in the game’s Circuit de Monaco track.

Congratulations to @MetaKovan and the @metapurse proud owners of the @F1DeltaTime 1-1-1 and now the A-1 track which sold for a record breaking 9 million $REVV (approx. 222k USD) and runner-up @TonyGuoga Super Fast Team! @REVV_Token @twobadour https://t.co/lNFRL9B9Ro

Similar to the way users can buy virtual land in Decentraland or The Sandbox, F1 Delta Time’s in-game tracks are fractionally tokenized for sale to the game’s players — with Circuit de Monaco comprising 330 tokens of four different rarities: Rare, Legendary, Epic and Apex. 

The owners of Delta Time track-NFTs earn dividends from all activity that takes place on their track, including entry fees for races and yields from “Elite Events” that require participants to stake REVV for entry.

According to their rarity, track-NFTs will earn either 5%, 7%, 13% or 25% of gameplay fees in addition to either 3%, 5%, 11% or 21% of elite staking yields.

Apex tokens are of the greatest rarity and afford their owner a 5% stake in the entire in-game track. As such, the auction’s closing price implies the entire track could be worth $4.44 million

The Monaco 1A track token is the first F1 Delta Time track-NFT to be auctioned. The token was sold to “MetaKovan,” who also made history by purchasing a tokenized Apex race car from Animoca for $111,111 last year.

Speaking to Cointelegraph, Animoca Brands’ co-founder and director, Yat Siu, asserted that the Apex token is “the most expensive gaming NFT” by fiat value.

NFTs have gathered significant momentum in recent years, with several game-based tokens garnering six-figure prices.

In September 2018, the CryptoKitties collectible “Dragon” sold for $172,000, just two months before a parcel of virtual land in Decentraland changed for hands for $215,000.