Animoca Brands Corporation Ltd will hold the first-ever auction of non-fungible tokens (NFTs) for the upcoming ‘Formula E: High Voltage’ game and this is scheduled to take place from August 26 to September 2, 2021.
During the event, 24 legendary tier ‘Formula E’ car NFTs will be auctioned on ‘Featured by Binance’, a non-custodial NFT platform incubated by Binance X.
Participants can take part in the bidding for the auction using Binance Coin (BNB).
The soon-to-launched 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.
All-electric car racing
Animoca Brands co-founder and chairman Yat Siu said: “Formula E: High Voltage brings the intensity and sheer technological innovation of all-electric car racing to the 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.”
Formula E: High Voltage NFTs
The NFTs proposed to be sold during the auction are made from 3D renderings of real Formula E race cars.
The Formula E: High Voltage NFTs will be minted on the ‘Binance Smart Chain’ via the featured 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.
Feature by Binance platform is non-custodial one in which users transact directly with the smart contract and the platform never takes ownership of users' NFTs or their funds.
Upcoming Formula E game
During the game, the player will play the role of team principal and make strategic decisions during the team’s championship journey.
All participating cars in the initial auction are part of the first edition, having chassis number ‘1’, making them valuable collectables.
Each of the 12 teams in Formula E will have two cars represented in the initial auction and these 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.
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 car directly from Animoca Brands.
“Fitting partnership”
Feature by Binance CEO Teck Chia 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.”