CoinEx Research Institute: Earn Coins by Playing Racing Games? Things You Need to Know about the NFT Project REVV
After DeFi, NFT (the abbreviation of Non-fungible Tokens) has stirred a new wave of encryption. NFT first became popular with Ethereum cats in 2017. Each cat corresponded to an NFT token on the chain, with its unique ID and gene that created a unique image and temperament. Such uniqueness was well-received in the encryption community at that time.
Broadly speaking, NFT is actually a unique blockchain project with blockchain management rights. There are many applications of NFT in reality. One of the most common areas is digital collectibles, such as a CryptoKitty, an item in a large game, or an artwork. NFT can correspond to all unique digital collectibles, ensuring that this collection always belongs to someone. NFT also comes with some standardized functions, including ownership and transfer. Any developer can take advantage of this function to build their own NFT.
Since 2017, the NFT market has been constantly evolving. On December 31, 2020, Andrew Keys, co-founder of DARMA Capital, made some predictions for the crypto world in 2021, and mentioned that NFT would become the main use case of Ethereum.
REVV, the subject of this article, is one of the NFT projects.
REVV was released in September 2020 by Animoca Brands, a company committed to blockchain games, NFT, and artificial intelligence technology. Animoca Brands is now a leader in digital entertainment. Its project game portfolio includes “Sandbox”, “Crazy Kings”, and “Crazy Defensive Heroes”.
It is worth mentioning that Animoca Brands also owns the intellectual property rights of many well-known IPs, such as Marvel, Garfield, Snoopy, Thomas & Friends, and Power Rangers. In addition, Animoca Brands is also actively investing in and acquiring projects that develop NFT products and blockchain games. AXS (Axie Infinity), Dapper Labs (the developer of “CryptoKitties” and “FLOW”), WAX, OpenSea, and Decentraland, for example, all have portfolios and partnerships with Animoca Brands on the blockchain.
REVV is the game token of the blockchain-brand racing game platform created by Animoca Brands, with the blockchain game F1®Delta Time and the racing game MotoGP, among others.
F1®Delta Time and MotoGP integrate racing experience with the sharing economy empowered by REVV, a currency for purchase, use, and operation in the games. REVV will also connect multiple Animoca Brands’ blockchain games based on motorsport intellectual property rights. These games mainly have two gameplay experiences: collection and competitive racing. Players can purchase NFT-type racing cars, drivers, and parts with REVV for racing and staking.
With new games launched, these NFT projects will become an important part of the game ecosystem, and players can also use them to upgrade their cars, drivers, tracks, and other in-game assets. At the same time, having a utility token for multiple games can bring various benefits to players and game publishers, and will encourage players to explore other games that belong to the interconnected ecosystem.
Specifically, REVV can support several unique functions in Animoca Brands’ blockchain games:
1. NFT purchase: As a way to purchase NFT exclusive to F1®Delta Time and other games;
2. Game registration fee: As the registration fee for all game modes;
3. Game rewards: Part of the cost of each game will be used as a reward for players based on their performance, and part of the cost will also be paid to the owner of the track (NFT purchaser) as a bonus;
4. Staking: The owner of the racing NFT can earn REVV through staking.
The total supply of REVV tokens is 3 billion, of which 500 million REVV has been designated for various pools related to F1®Delta Time, including in-game rewards, marketing, reserves, and promotional airdrops. The remaining tokens will be allocated to other games.
Currently, REVV has been launched on CoinEx, Kucoin, Uniswap, Hotibit, Bibox, and other exchanges.
In October 2020, the paid membership service Simetri launched by Crypto Briefing, a crypto-asset research institution, issued a report, hailing the NFT pledge project REVV in the blockchain racing game F1®Delta Time “the most noteworthy project of the month.” Simetri analysts believe that the NFT of blockchain games represents a trend and may become the next fuel for DeFi. It comes not only from the crypto community, but also from a large number of active gamer communities around the world.
Moreover, Animoca Brands has brand licenses of Formula One (The FIA Formula One World Championship) and the brand MotoGP. Among the numerous fans of these championships across the world, if only a few decide to own the original NFT of F1® Delta Time or MotoGP, the price of some of these items may soar, as believed by Simetri. As a result, REVV holders will enjoy direct benefits because the tokens in their hands are the only cryptocurrency that connects Animoca Brands’ racing games, which is only one of the reasons why REVV deserves attention.
