Owners of NFTs from F1 Delta Time left with almost worthless tokens after game shuts down

midian182

Posts: 7,895   +82
Staff member
Facepalm: In what is yet another warning about the inherent dangers of NFTs, a non-fungible token-powered game has just shut down three years after launch, leaving those who've spent hundreds, thousands, and even hundreds of thousands of dollars on F1 Delta Time left with virtually worthless digital assets.

Kotaku reports that F1 Delta Time was one of the first licensed NFT/blockchain games when it arrived back in March 2019. At a time when many people hadn't heard of non-fungible tokens, there was a lot of interest in the title as it offered an official F1 license and promised users the chance to "play to earn." It even held the record for selling the most expensive NFT in its launch year: an in-game car that went for over $100,000.

But for all its boasts, the gameplay video below doesn't scream quality. It also has a 'Poor' rating of just 2.8 stars on this review site.

Three years after it arrived, F1 Delta Time is closing following the expiration of its F1 license, which has not been renewed. Publishers Animoca Brands said owners of digital assets used in the game would be "rewarded for their loyalty and support."

But rather than exchanging the NFTs for crypto, owners can swap them for tokens used in a different racing game. The person who paid $300,000 for an F1 Delta Time NFT is unlikely to be pleased.

The vast majority of people who don't use/own NFTs tend to be against them, especially when it comes to their integration in games. Ubisoft has seen plenty of pushback against its Quartz program, something it seems to blame on the gamers themselves, while the NFTs set for use in Stalker 2 were removed following a backlash.

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MaXtor

Posts: 406   +418
The only way current game NFTs will have any real value is if they're usable across games. While I don't buy in-game skins or anything like that, I can understand the value if they were able to be imported into other games.
Example: Buy an AK47 skin in Pubg as an NFT, export it to your crypto wallet and import it into CSGO.

That's what an NFT would allow, however I doubt we'll see that kind of cooperation across most game developers.

Current NFTs are nonsense, however the future is on the blockchain and NFTs will become a part of everyday life. The possibilities are endless.
Example: Buy a house, get a trustless property ownership title (NFT). Use that title as collateral to secure a loan directly through your crypto wallet.
 

mrvco

Posts: 172   +164
"A fool and his money are soon parted"... corollary... "A fool and his NFT are soon unable to part".

Who could have possibly seen this coming (once again)... hhmmm... ROFLCopter anyone?
 

Dimitriid

Posts: 2,206   +4,245
Three years after it arrived, F1 Delta Time is closing following the expiration of its F1 license, which has not been renewed. Publishers Animoca Brands said owners of digital assets used in the game would be "rewarded for their loyalty and support.

So what was the point of making probably several millions on the initial NFT sale if they weren't going to bother to renew the license? It can't be so expensive that they couldn't use the vast wealth.

Once again proving that all NFT projects are just rug pulls: some of them like this one, just have extra steps and are veeeery slow to pull the rug from under you but the result is always the same: Pyramid schemes as far as the eye can see.
 

Theinsanegamer

Posts: 3,364   +5,591
Imagine, if you will, seeing the NFT market being one great scam, full of scams, with the only legitimate future use being the monetization of EVERYTHING in your life for the benefit of specualtors, then deciding it was a good idea to spend thousands on hperlinks to JPEGs that depend on a single game to be relevant. Imagine then beign surprised when the game shuts down and your magical bits of code are completely worthless.

Young people are supposed to be more well versed in tech, not even bigger baboons then the boomers. At least boomers wanted the promise of a physical, tangible good before dumping their money on a scam.
Current NFTs are nonsense, however the future is on the blockchain and NFTs will become a part of everyday life. The possibilities are endless.
Oh of course, this nonsense tech will be forcibly ingrained in our lives *hand waives* some time in DA FUTAH!

How about no? Given how easily NFTs are abused, how ripe with corruption and scams crypto is, the absolutely nightmare that is privacy on the blockchain, and the absurd power requirements, no NFTs will NOT be a part of everyday life. Most people wont be happy with the dystopia of a technocratic nightmare world, those buying into the NFT hype are a small group of financially illiterate internet users with more dreams then sense.

As someone who does not gamble, and has no interest in doing so, I have 0 interest in turning everything into my life into a glorified betfred for the benefit of the 5% upset that they were not the 1%.
 

MaXtor

Posts: 406   +418
Most people wont be happy with the dystopia of a technocratic nightmare world, those buying into the NFT hype are a small group of financially illiterate internet users with more dreams then sense.
Yes they will. Most people won't understand what they're really accepting. Just look at the vaccine passports which are making way for the digital ID (which will be followed by the social credit system). Most people value convenience over privacy and freedom, and most people are very short sighted.
 

Puiu

Posts: 5,549   +4,518
TechSpot Elite
The only way current game NFTs will have any real value is if they're usable across games. While I don't buy in-game skins or anything like that, I can understand the value if they were able to be imported into other games.


That's what an NFT would allow, however I doubt we'll see that kind of cooperation across most game developers.

Current NFTs are nonsense, however the future is on the blockchain and NFTs will become a part of everyday life. The possibilities are endless.
"usable across games" is a pipe dream and even if it was somehow made possible it would still be a scam. you are still locked in with whatever dev offers support for them and you DON'T NEED a blockchain for such a thing.
 

Theinsanegamer

Posts: 3,364   +5,591
Yes they will. Most people won't understand what they're really accepting. Just look at the vaccine passports which are making way for the digital ID (which will be followed by the social credit system). Most people value convenience over privacy and freedom, and most people are very short sighted.
You mean the vaccine passports that are widely opposed (despite what the media may tell you, most people do not want to carry papers around) and have been defeated in many countries?

Also, *convenience*? There is nothing convenient about NFTs, they are a royal PITA to manage, they can be replaced at complete random by whomever controlls the server where that hyperlink points to, and the wallets are easilly spammed, stolen, and compromised.

I agree that many people are short sighted and prioritise convenince over privacy and freedom, but NFTs dont fall into that catagory, and outside of NFT spaces are widely opposed. See also how gamers, the biggest consoomers on the planet, have wholesale rejected NFTs repeatedly. Meanwhile, f you get a naughty one, you cant delete it. Great when someone spams CP over the blockchain!
"usable across games" is a pipe dream and even if it was somehow made possible it would still be a scam. you are still locked in with whatever dev offers support for them and you DON'T NEED a blockchain for such a thing.
Yup. Nothing would stop games today from allowing you to verify a purchase of a skin and unlock it in other games. Hell, we've had games from 20 years ago that could *gasp* READ YOUR SAVE DATA and move entire characters into new games (mass effect). None of that needs blockchain. like 99% of what blockchain *promises* to do, it can already be done, cheaper, more effectively, and without the crypto bro nonsense.

I had a PS2 game (jak x combat racing) that gave you a special racer and antennae if you had a ratchet and clank save file. Didnt need 10 terrawatt of compute power or 5 hours of processing time or $100 in gas fees to do it. Revolutionary.
 

brucek

Posts: 1,126   +1,670
In-game assets being worthless after an online game shuts down has been a thing for a lot longer than NFTs have.

Personally, I feel safer with my digital assets in a game being backed by conventional customer relationship with a publisher vs. on a blockchain. There's a lot less recourse when your NFT is hacked and really not much more protection in the case of a video game asset.
 

Puiu

Posts: 5,549   +4,518
TechSpot Elite
In-game assets being worthless after an online game shuts down has been a thing for a lot longer than NFTs have.

Personally, I feel safer with my digital assets in a game being backed by conventional customer relationship with a publisher vs. on a blockchain. There's a lot less recourse when your NFT is hacked and really not much more protection in the case of a video game asset.

You mean the vaccine passports that are widely opposed (despite what the media may tell you, most people do not want to carry papers around) and have been defeated in many countries?

Also, *convenience*? There is nothing convenient about NFTs, they are a royal PITA to manage, they can be replaced at complete random by whomever controlls the server where that hyperlink points to, and the wallets are easilly spammed, stolen, and compromised.

I agree that many people are short sighted and prioritise convenince over privacy and freedom, but NFTs dont fall into that catagory, and outside of NFT spaces are widely opposed. See also how gamers, the biggest consoomers on the planet, have wholesale rejected NFTs repeatedly. Meanwhile, f you get a naughty one, you cant delete it. Great when someone spams CP over the blockchain!

Yup. Nothing would stop games today from allowing you to verify a purchase of a skin and unlock it in other games. Hell, we've had games from 20 years ago that could *gasp* READ YOUR SAVE DATA and move entire characters into new games (mass effect). None of that needs blockchain. like 99% of what blockchain *promises* to do, it can already be done, cheaper, more effectively, and without the crypto bro nonsense.

I had a PS2 game (jak x combat racing) that gave you a special racer and antennae if you had a ratchet and clank save file. Didnt need 10 terrawatt of compute power or 5 hours of processing time or $100 in gas fees to do it. Revolutionary.

You don't need to carry "papers". Your vaccine certificate is digital. They just check a database for when and where you made the vaccine.

The rest I totally agree. NFTs have nothing convenient about them. From the insanely convoluted way you have to buy crypto and then buy the NFTs, to the insane gas prices (the crypto transfer taxes). I did some calculations and in some days you could end up paying double the price of the NFT because of the taxes. It's just insane.
 

godrilla

Posts: 439   +215
The moral of the story don't believe the hype. The ones profiting will often market some outliers on one extreme and silent on the risks. For 300k they could have bought a physical limited edition collectors vehicle and sold it with equity down the line. Want to hear about joke NFT insurance is on the rise so not only do you pay for NFTs you have to pay to get it insured. 😂