NF(1)T

Once again we dive into the world of NFTs. As I’ve talked about, these tokens are a huge deal in crypto circles with many using them as investments, get-rich-quick schemes, and complete rip-offs. Now we get to see the flip-side of this with the video game F1 Delta Time.

This game, which bears the official F1 licence, used NFTs to sell players unique cars within the game. But now, the studio has lost its licence to F1 and the game has shut down. Players, who were spending a lot of money on these tokens, were given a whopping one day notice before the switch was flipped off. Now, their NFTs are completely worthless. Luke Plunkett at Kotaku has more.

With owners Animoca unable to renew the F1 license, however, it is now also a test case for what happens when a licensed NFT game dies. All that money splashed out on cars and other items—some players would later spend almost $300,000 on a single transaction—is now ostensibly worthless. Sure, the tokens themselves live on, but without the game they were bought for there’s no actual value there.

Kotaku

I do feel some sympathy for the people who invested real money into this video game and its in-game economy. On the other hand, NFTs have been proven time and again to be a means to nefarious ends and one where companies are trying to rush into the space without any reason to do so. This entire situation is simply more confirmation that NFTs have “Stay Away” written all over them.

This has been another article for curious readers like you.

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