We had over 30,000 of you enter the giveaway and all of the 5000 winners have received their NFT cars with the special WTF1 tag and livery this week!
This week is also the beginning of the HUGE competition being hosted on REVV Motorsport’s newest blockchain game, REVV Racing, with a prize pool of $150,000 being distributed to the top 1,000 racers! Plus, if you win first place you’ll walk away with US$12k worth of REVV!
As a reminder, REVV is the utility token that serves as the primary currency of purchase, utility, and action across all games in the REVV Motorsport ecosystem, and you can swap it for other crypto on many different exchanges. This special event is called the ‘Alpha Inaugural’ racing competition, and is running between 11th and 17th August 2021.
Find out how to get started at wtf1.com/revv-racing
Players will compete for the fastest lap times using their REVV Racing car NFTs in a traditional first and third person view racing experience, with complete control of their car on track. You’ll be racing for the fastest time of a three lap session, and this will determine where you get placed on the leaderboard. Every player will get 20 free tries before their final out laps.
We know not all of you are completely aware of NFTs and how they work, so we wanted to give a little bit of background in case you’re interested. NFTs are non-fungible tokens, and the best thing about them, especially in gaming, is that you have true digital ownership over your digital assets. This is made possible using blockchain technology, allowing assets to be unique, have rarity and thus have scarcity and value built into it.
We’re giving away 5000 Rev Racing car NFT’s with a special WTF1 tag and livery @REVV_Token
— WTF1 (@wtf1official) August 2, 2021
They are also immutable and fully transparent – so you’re able to prove provenance – meaning the origin of it. If the asset is sold by one person, and bought by another for example, that is all traceable and instills an inherent value within the asset. You could easily take a picture of the car NFT and put it up for sale, but that ultimately has no value. Just like printing a picture of the Mona Lisa and hanging that up on your wall…
If you take Fortnite as an example, you can buy all the skins you want, rare ones, special ones for winning etc, but if the game developer decides to discontinue the game, all your money, assets, and hard work spent in the game are gone in an instant. With NFTs, you own your assets, so you can trade them, gift them, rent them etc. – and if another game developer were to create an experience that is compatible with your particular NFT, then that is added utility to your asset, which then in turn increases its value.
Bitcoin mining does use a lot of energy, however, most NFTs are built on Ethereum, and while it still uses energy in mining the currency, it requires less. Animoca brands are building their games on chains that require much less energy consumption than Bitcoin and Ethereum, and utilizes layer 2 solutions as well as ‘proof of stake’ blockchains, that essentially bundle thousands of transactions into one, before sending it through – making the whole process way more efficient in every way.