Virtual Racing Car Sold On Blockchain For $110,000

In the latest cryptocurrency news, we are reporting a story where an unknown user bought a virtual racing car via blockchain for more than $110,000. The actual game he played was the blockchain-based one named F1 Delta Time, where the user used his 415.9 ETH ($110,600 at the time of the sale) as information on the game’s website shows.

The virtual racing car is named the “1-1-1” and is the first model to be issued but also a one-of-a-kind item in the game. The auction page where it was sold promised to never release more. The company which stands behind the game, Animoca Brands, ran the auction for the limited edition model in Ether for four days – before it sold the crypto collectible to the user “09E282” after receiving 31 bids.

The news about the purchase of a virtual racing car for so much spread everywhere in the best cryptocurrency news sites. What’s interesting is the fact that in late March, Animoca Brands partnered with Formula 1 for shipping the game – based on players collecting virtual F1 cars and racing against each other.

As the official website behind the game shows, there are competitive in-game advantages to owning some car models. The site where the virtual racing car was listed has issued a statement in the beginning, saying:

“The game will center around the collection and trading of unique Cars, Drivers and Components – all of which will exist as non-fungible tokens (NFTs) based on the ERC-721 token standard. […] Tokens are produced in limited quantities as determined by their level of rarity, with the rarest tokens possessing the most impressive racing attributes.”

The virtual racing car frenzy made the altcoin news section on many sites. Knowing that cryptocurrency collectibles are a relatively recent innovation, blockchain is being used by companies (like Animoca Brands) to track and authenticate the virtual collectibles.

Before this, a popular Ethereum-based game named CryptoKitties had sold over $12 million of its collectibles and the most expensive item in the game went for over $120,000 (at the end of 2017).

The coming altcoin news show that there are apparently going to be many similar games such as this one – and even more users willing to spend their altcoins for similar items and collectibles.