Blockchain game company, Animoca Brands, launched the staking for the non-expendable tokens (NFT) collection that appear in their F1 Delta Time game.
Stakers can earn weekly interest in their NFTs in the form of REVV tokens. REVV also consists of a utility token that can be used to pay for participation in the game’s main time trial and Grand Prix modes.
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Animoca also plans, at the end of this year, to add support for REVV as a means of payment to buy NFT. The game’s NFTs include unique racing vehicles, drivers, car components, driver equipment, or tires that players can own.
Speaking to Cointelegraph, Animoca Brands CEO Yat Siu noted that „there is no traditional token sale currently taking place for REVV,“ emphasizing that REVV tokens can only be obtained through F1 Delta Time NFT token staking.
„The goal is to establish the token’s true utility first through its use in F1 Delta Time. Beyond that, we will look to add it to an exchange along with expanding REVV support through the release of additional games, such as the MotoGP game.
Siu said that NFT staking was introduced to allow holders to earn dividends on their tokens, and to encourage „cross-pollination“ in both the NFT and crypto communities.
„The general audience of the crypt receives for the first time the potential value of the TFN, and the TFN audience is given a gateway to the expendable tokens,“ said Siu.
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F1 Delta Time receives one sixth of the supply
F1 Delta Time will be allocated 500 million of the three billion REVV tokens, and the tokens will be divided into four groups for the game.
The first round of staking will be 6.02 million REVV distributed over 12 weeks, with weekly payments gradually decreasing as an incentive to reward the first stakers. Total weekly rewards will be reduced from 700,000 to 332,500 tokens over the 12-week period.
Staking rewards will also vary based on the rarity of the NFTs used by users. 200 million tokens were earmarked for „a reserve fund that can be injected into other funds as F1 Delta Time grows“ while about 274 million tokens will be distributed as rewards to players.
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20 million tokens have been designated for marketing and promotional purposes, including the dispersal of airdrops to verified account holders and „box“ sale participants.
However, it is still early days, as the F1 Delta Time user base currently comprises some 4,000 player accounts and 470 NFT holders.