The auto-racing game will be driven by Ethereum, and users will gain access and make purchases with non-fungible tokens.
Animoca Brands (ASX:AB1) and Formula 1, which is owned by Liberty Media (NASDAQ:FWONA), announced Tuesday (March 26) that they are partnering to develop a blockchain-based game called “F1 Delta Time.”
According to the release, the first phase is scheduled for release on May 10. “F1 Delta Time” will be run on Ethereum, and participants will gain access and make payments with its non-fungible tokens.
Formula 1 has an audience of over 500 million fans worldwide and commercial partners from Heineken (SWX:HEI) to Rolex. Partnering with Animoca Brands will further enhance and deepen Formula 1’s engagement with fans.
Animoca Brands, which reported record unaudited year-end results for 2018 in early March, has been rapidly expanding its blockchain-based gaming portfolio. Last year, it secured strategic partnerships with at least 11 companies, which expanded Animoca Brands further into the artificial intelligence and blockchain sectors.
Animoca Brands published “CryptoKitties” with Axiom Zen in China last January, which was one of the earliest games to use blockchain technology. In addition to “CryptoKitties,” Animoca reaches a wide audience by being involved with a library that includes “Crazy Defense Heroes,” “Crazy Kings,” “Mattel Games” and “Norm of the North Digit Dodge.” In addition, the company owns intellectual rights to create products for Garfield, Snoopy and Thomas & Friends.
The timing is opportune for Animoca Brands; last year’s financial performance for the company saw total revenue reach AU$17.5 million. It was the first year the company had operated with positive cash flow since its founding in 2014.
“Securing a partnership to make blockchain games with Formula 1 — one of the most recognized brands in sport — is a notable achievement,” said Animoca Brands Co-founder and Chairman Yat Siu in a press release. “We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to blockchain.”
The company aspires to onboard 1 billion blockchain users as it extends its reach into that arena.
Earlier this year, Animoca Brands spawned a partnership with Vigame Network Co. and iClick Interactive Media (NASDAQ:ICLK), an online marketing platform. With access to over 780 million user profiles, iClick generates over US$400 million annually in gross billings. This partnership is anticipated to generate US$11 million in new revenues in 2019.
“This deal with Vigame is an important first step in our broader partnership with iClick,” said Siu in a press release. “We will continue to expand the marketing and distribution capabilities of Animoca Brands throughout China while generating revenues from these initiatives, and we look forward to a series of fruitful and productive relationship with exciting new partners like Vigame.”
Animoca Brands opened on Tuesday at AU$0.10, near its 52-week high of AU$0.11, with a market capitalization of AU$75.21 million. The company closed Tuesday at AU$0.10.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.