REVV is a fungible cryptocurrency created on the Ethereum blockchain. A fungible token is an asset that is interchangeable with any other token of the same type, hence one REVV token always has the same value and properties as any other REVV token. The main utility of this token is its use with branded motorsport games created by Animoca Brands; a leader in the field of digital entertainment.
The first game to support REVV is F1® Delta Time, an Ethereum-based blockchain game. The game is for users to collect, trade, and race Formula 1 cars, and configure/tune those race cars with a wide variety of components and add-ons in order to take part in competitive racing events. So users will be able to collect REVV tokens as rewards for their game performance. Additionally, the token is a cross-title utility token for Animoca Brands motorsport games, and is the driving force behind the Play-to-Earn model.
The Structure of REVV
Built on the Ethereum blockchain, the REVV token is a standard Ethereum ERC-20 token with common use interfaces. The token also supports contract operators whitelisting to provide approval-free REVV token transfers throughout the company’s contracts ecosystem. Furthermore, this helps bring the potential for frictionless native meta-transactions – the ability to push transactions on the blockchain using REVV as a payment token for gas, without requiring ETH at all.
REVV’s Official Website: https://revvmotorsport.com/
Unlike other currencies, REVV is a true utility token that has usage beyond its innate store of value. As mentioned previously, the purpose of the token is to serve as the single currency that connects Animoca Brands blockchain motorsport games. The REVV token cycles back into the larger economy when used by players, who utilize the token to pay gameplay fees and make NFT purchases.
Allocation of Tokens:
Predefined amounts of REVV are initially allocated to F1® Delta Time and MotoGP. The Company Reserve will provide token allocations for new titles as they are added into the REVV ecosystem.
Utility of REVV Tokens in F1® Delta Time:
|NFT Purchases||REVV can be used to buy exclusive F1® Delta Time NFTs. Number of NFTs available will be proportional to the amount of tokens in circulation.|
|Gameplay Entry Fees||Entry fee will be needed for players of F1® Delta Time. Will include a mix of game modes including Time Trial and Grand Prix.|
|Gameplay Rewards||They will collect Portions of the gameplay fees in each race and use them as player rewards. Players will receive rewards based on their in-game performance. They'll also pay a portion of the gameplay fee as dividends to track owners.|
|Staking||Owners of the race car NFTs can “stake” them to earn REVV. So the amount of this token earned is dependent on the rarity and value of NFTs and length of staking period.|
Allocation in F1® Delta Time:
In F1® Delta Time, REVV is pre-allocated to one of four pools.
The Reserve will be set aside to funnel REVV into other pools as the player base grows.
The Staking pool of 12,040,000 REVV is reserved for rewarding staking of the 2019 race car NFTs and will be active for a total of 16 weeks. So these 16 weeks and 12,040,000 tokens are broken into two phases – the initial 4 weeks with a pool of 2,040,000 REVV rewards followed by 12 weeks, with a pool of 10,000,000 rewards.
The Game Operations Pool will provide gameplay incentives as new features roll out; they will give greater rewards for initial engagement.
Promotion & Marketing:
This pool will be mainly for marketing purposes, which include promotional airdrops.
F1 Delta Time Racecar Auction
In March 2019, game development studio Animoca Brands made an announcement that it had an agreement with Formula 1 to develop and publish a blockchain game. So the game F1 Delta Time, allows players to own a digital version of a Formula 1 race car through the use of nonfungible tokens NFTs.
It was seen as an exciting move for advocates of blockchain gaming, as Formula 1 is a brand with a broad reach. It broadcasts to over 180 territories and attract a TV audience of about 1.6 billion; suggesting clear potential to bring a new audience to the industry.
The winning bid came less than four minutes before the auction came to a close. The sale had fierce competition by two bidders before a third crept up from behind and beat them at the finish line. An unknown user bought a virtual racing car for upcoming blockchain-based game F1 Delta Time for 415.9 ether (ETH) or $110,600 at the time of sale, according to information on the game’s website.
The virtual racing car — the “1-1-1” — is the first model and is also one-of-a-kind, with the auction page promising to never release more. The company behind the game, Animoca Brands, ran an auction for the limited edition model in ether for four days, before selling the crypto collectible to user “09E282” after received 31 bids. However, while this sale didn’t beat the 600 ETH record set by CryptoKitties’ “Dragon” in 2018, it is the highest known price paid for an NFT in 2019 and demonstrates that the market is in a healthy state.
F1® Delta Time is the first title of the REVV ecosystem, with the initial community growing out from this game. The game has had quite a bit of awareness and initial success in selling both crates and cars and was the most expensive NFT in 2019.
As they add more titles to their ecosystem such as the upcoming MotoGP title. They’ll create community channels will to foster engagement, through social media and communication platforms such as Twitter, Telegram, Discord, Reddit, Medium, and Facebook.
Additionally, users have now began staking their cars to earn $REVV as seen in the image below:
Future Plans for REVV
- Expansion of the ecosystem
- Conducting NFT staking programs to help incentivize community participation
- Additional Play-to-Earn mechanisms
- AMA sessions to engage with community
- Competitions to encourage content collection, following and active participation
- Active marketing campaigns
The REVV token seamlessly integrates the complex crypto ecosystem in an exciting gaming platform. The currency has a lot of potential especially given its initial success already seen on F1® Delta Time and very soon with MotoGP. The platform will definitely continue to grow, with more projects in the pipeline.
About Animoca Brands
Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain, gamification, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products utilizing popular intellectual properties such as Formula 1®, Marvel, Garfield, Snoopy, Thomas & Friends™, Power Rangers, MotoGP, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, United States, South Korea, Finland, Argentina, and the Czech Republic.
Janet Yellen, who is expected to lead the US Treasury Department for the incoming Joe Biden administration, raised concerns around the use of Bitcoin (BTC)
Decentralized exchange (DEX) volumes are surging to reach all-time highs, as another booming sector in the crypto space amid Bitcoin (BTC)’s surge. Starting 2021 off
Digital asset manager Grayscale Investments has added another 2,172 Bitcoin (BTC) to its Bitcoin Trust, on the first day it reopened deposits for the fund.