Anyone in the world can create a digital token or assets. The Formula 1 is doing things a bit differently, although the approach is rather intriguing.
As part of its new auction and contest, participants can win Ether and licensed digital collectibles.
Formula 1 Embraces Digital Collectibles
The Pole Position Auction contest is the first of its kind.
Non-fungible tokens for all 10 team cards will go on auction.
According to the website, five different levels of rarity of racing cars will exist.
All of these tokens going live during this auction are of Epic rarity.
Users participating in this event will be able to win prizes by predicting the order of sale for these cars.
It does not cost any money to participate in this event, which is rather interesting.
Prizes include F1 Delta Time Car Gear and Ether.
This new blockchain-based game makes use of the ERC-721 and ERC-20 standards accordingly.
As is the case with blockchain collectibles, the ultimate goal is to collect and trade as many assets as possible.
It is not the first time companies decided to create non-fungible tokens that serve as collectibles either.
Most of the ventures focusing on this aspect have not been able to captivate big audiences, unfortunately.
Considering how this an officially licensed Formula 1 product, the venture may attract a lot more attention.
It is intriguing to see major sports franchises such as the Formula 1 take this approach as of late.
Engaging fans can be done in different ways, yet digital collectibles appear to be the way to go from this point forward.