Blockchain gaming company Animoca Brands has launched staking for the non-fungible token collectibles (NFTs) featured in its F1 Delta Time title.
Stakers will be able to earn a weekly dividend on their NFTs in the form of REVV tokens. REVV also comprises a utility token that can be used to pay for entry into the game’s core Time Trial and Grand Prix modes.
Animoca also plans to support REVV as a means of payment for purchasing NFTs later this year. NFTs in the game include unique race cars, drivers, car components, driver gear, or tyres that players can own.
Speaking to Cointelegraph, Animoca Brands’ chief executive Yat Siu noted that “there isn’t a traditional token sale currently in the pipeline for REVV,” emphasizing that REVV tokens can only be obtained by staking F1 Delta Time’s NFTs.
“The goal is to establish true utility for the token first through its use in F1 Delta Time. Beyond this, we’ll pursue an exchange listing alongside expanding the support of REVV through the release of additional games, like the MotoGP game.”
Siu said that NFT staking was introduced to allow NFT owners to earn dividends from their tokens, and to drive “cross-pollination” across both the NFT and crypto communities.
“The general crypto audience is presented with the potential value of NFTs for the first time, and the NFT audience [is] given a gateway into fungible crypto tokens,” said Siu.
F1 Delta Time gets one-sixth of supply
F1 Delta Time will be allocated 500 million of REVV’s three billion token supply, with the tokens being allocated across four pools for the game.
The first round of staking will see 6.02 million REVV distributed over 12 weeks, with weekly payouts gradually decreasing as an incentive to reward early stakers. Total weekly rewards will reduce from 700,000 to 332,500 tokens over the 12-week period.
Staking rewards will also vary based on the rarity of the NFTs being staked by users. 200 million tokens have been reserved as “a back-up fund which can be injected into other pools” as F1 Delta Time grows” while nearly 274 million tokens will be distributed as gameplay rewards to players.
20 million tokens have been designated for marketing and promotional purposes, including dispersing airdrops to verified account holders and ‘crate’ sale participants.
It’s early days yet however, with F1 Delta Time’s userbase currently comprised of roughly 4,000 player accounts and 470 NFT owners.