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Animoca Brands to auction second Formula 1 digital collectible today after record-setting first auction

Animoca’s first Formula 1 race car auction had set a record for the highest price ever paid for a branded game non-fungible token.
Monaco Edition 2019 is a high-powered virtual race car
Monaco Edition 2019 is a high-powered virtual race car

Animoca Brands Corporation Ltd (ASX:AB1) will begin the auction of its second F1® virtual car: the Monaco Edition 2019 on June 19, 2019 at 2 am GMT.

This auction follows the record-setting success of Animoca’s first official Formula 1 non-fungible token (NFT), the 1-1-1 race car.

READ: Animoca Brands’ first Formula 1 digital collectible goes up for auction, fetches record price

The Monaco Edition 2019 car is a unique and high-powered virtual race car inspired by the FORMULA 1 GRAND PRIX DE MONACO, one of the most demanding circuits in F1.

Its livery is inspired by the red and white portion of the principality of Monaco coat of arms, and its ruling family the House of Grimaldi.

Like the 1-1-1 race car, which broke virtual item auction records last month, the Monaco Edition 2019 race car is a one-of-a-kind digital asset, making it unique and highly desirable as both an in-game item and a digital collectible.

1-1-1 race car

The auction for the Monaco Edition 2019 race car starts today at 2 am GMT and runs for 72 hours.

Participation requires a web browser that supports Ethereum wallets, as well as an Ethereum wallet; bids will be made in ether.

NFTs can attain a high value

Rare digital collectibles can be extremely valuable. The winning bid for the 1-1-1, the first official Formula 1 NFT race car, was 415.9 ether.

In terms of ether this was the highest sum paid for a single virtual item outside of CryptoKitties.

In dollar value the car fetched about US$113,000 at the time of sale, placing it firmly among the most valuable virtual assets ever sold.

The 1-1-1 race car was also one of the highest ever auction results for any NFT and set a record for the highest price ever paid for a branded game NFT.

READ: Animoca Brands launches Android version of mobile game Crazy Defense Heroes

Animoca Brands chairman and co-founder Yat Siu, in a letter to shareholders, said the company is now making history by defining - and redefining - what it means to have true digital ownership.

He added: “Thanks to NFTs, we are developing new economics that exist - persistently and independently of other products and services - in the digital world.

“Technology dominates our lives in an unprecedented manner. In modernised countries, we now spend most of our waking hours in front of a screen.

“On average, the more than 2 billion gamers around the world each spend more than 7 hours a week playing games.

“All this places us at a critical inflection point: for the first time, the billions of hours that our species invests in consuming interactive entertainment can be made to deliver or generate direct, real value.

READ: Animoca Brands' subsidiary raises $3.6 million to fund blockchain version of tokenised gaming platform

“Blockchain and other technologies now allow the community to effect real material gain from the time spent in virtual environments such as video games.

“We believe in a near future where digital goods that can deliver direct value and ownership are going to significantly increase user engagement.

“We believe that all (or at least most) digital elements will, eventually, carry value in this manner, and that this trend is being led by the gaming industry.”

READ: Animoca Brands partners with venture accelerator Brinc for gaming and esports opportunities

“Blockchain Gamer’s (a publication spun out from Pocket Gamer) list of most anticipated blockchain games now includes no fewer than FOUR titles associated with Animoca Brands, by partnership or equity ownership: Crypto Space Commander (which now includes Star Trek intellectual property), MLB Champions (based on Major League Baseball), CryptoWars, and our in-house project The Sandbox.

“A quote from Blockchain Gamer sums up the outcome that we have been working toward for the last year: If there’s one name that has become synonymous with blockchain games in Asia – it’s Animoca Brands.”

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