19 August 2021 — HONG KONG — Animoca Brands and Formula E: High Voltage are thrilled to announce the first-ever auction of non-fungible tokens (NFTs) for the upcoming game Formula E: High Voltage. From 26 August to 2 September 2021, 24 Legendary Formula E car NFTs will be auctioned on “Featured by Binance”, a non-custodial, on-chain NFT platform incubated by Binance X. Bidding for all auctions will be in Binance Coin (BNB).
Formula E: High Voltage, developed by Animoca Brands, is the first blockchain racing game officially licensed by Formula E. In the game, you will play the role of Team Principal and make strategic decisions during your team’s championship journey. The soon-to-launch game will be part of the REVV Motorsport metaverse, which already includes two other licensed racing blockchain games F1® Delta Time and MotoGP™ Ignition, as well as the original title REVV Racing.
The NFTs being sold are made from 3D renderings of real Formula E race cars. All cars in the initial auction are part of the First Edition, which have chassis number “1”, making them valuable collectibles. Each of the 12 teams in Formula E will have two cars represented in the initial auction. The teams are: Audi Sport ABT Schaeffler, BMW i Andretti Motorsport, DRAGON / PENSKE AUTOSPORT, DS TECHEETAH, Envision Virgin Racing, Jaguar Racing, Mahindra Racing, Mercedes-EQ Formula E Team, NIO 333 Formula E Team, Nissan e.dams, ROKiT Venturi Racing, and TAG Heuer Porsche Formula E Team.
All 24 Formula E: High Voltage cars in this initial auction are “Legendary” tier, the rarest tier after the ultra-scarce Apex tier (and followed by Epic, Rare, and Common). Owning a Legendary car gives players access to top-tier races and opportunities to win more rare and valuable game prizes.
This initial auction is the only guaranteed way to purchase a First Edition Legendary car directly from Animoca Brands.
The Formula E: High Voltage NFTs will be minted on the Binance Smart Chain via the Featured by Binance platform. Binance Smart Chain uses Proof of Staked Authority as the consensus model and consumes energy two orders of magnitudes lower than Proof of Work blockchains. The Featured by Binance platform is non-custodial: users transact directly with the smart contract and the platform never takes custody of users’ NFTs or their funds.
Formula E: High Voltage initial auction details
24 Legendary car Formula E: High Voltage NFTs will be auctioned on Featured by Binance from 26 August 2021 to 2 September 2021. Participation requires a web browser that supports Binance Smart Chain wallets, as well as a Binance Smart Chain wallet. Bids are made in BNB. Join the auction at https://www.featured.market.
Yat Siu, co-founder and chairman of Animoca Brands, commented: “Formula E: High Voltage brings the intensity and sheer technological innovation of all-electric car racing to blockchain, where game assets will be truly ownable by players and will have utility both inside and outside of the game. We are honoured to have Featured by Binance involved in the game’s very first NFT auction.”
Teck Chia, CEO of Featured by Binance, said: “We are excited to support Formula E: High Voltage in launching their NFT cars. It is an especially fitting partnership that a brand like Formula E that has ESG values at its core is partnering with Featured by Binance that’s running on the low-carbon impact Binance Smart Chain. The unique NFTs we are launching also demonstrate both full digital ownership as well as utility value in a blockchain game. We are thrilled to be a part of Formula E’s first foray into the blockchain space, and proud to represent their brand on our platform.”
Hannah Brown, Formula E Chief Strategy and Business Officer, commented: “Formula E: High Voltage will provide fans with the opportunity to test their skills of strategy against fellow fans around the world. Formula E stands for driving innovation and embracing new technologies. This partnership with Animoca Brands and Featured by Binance using blockchain technology creates another way for fans to play along with us.”
NFTs: providing true digital rights to owners
NFTs are digital assets and collectibles that possess many characteristics normally associated with physical items, including authenticity, rarity, scarcity, ownership, provenance, and other properties that are independently guaranteed, verified, and secured on blockchain.
Unlike most digital content, which is temporarily provided to users on a licensing basis, NFTs are truly ownable by their holders – just like physical collectibles. These characteristics of NFTs allow them to attain significant value as game assets and digital collectibles.
NFTs are owned by their holders regardless of any decisions taken by any other party, including their developers. Owners are free to do anything they want with the NFTs: sell them on a marketplace, trade them for other items, use them in supported products/worlds, or simply collect and display them.