By CCN: As part of the new F1 Delta Time game, which is an officially recognized blockchain collectible game from Formula 1 racing, some recently bought a car for $100,000. The virtual vehicle is powered to the max and will, therefore, provide a significant advantage in the game.
Bidding takes place in Wrapped Ether. The most recent sale ended for 415.9 Ether – nearly $110,000 at current prices. The car sold is a one-of-a-kind. The auction lays to rest any notions that there aren’t people who value digital property.
What blockchain brings to gaming is non-fungible tokens. These immutable tokens give players a real stake in the value of the chain as a whole. Markets are then created, and the time that people spend gaming suddenly has a value associated with it. People coming into games can spend a little bit to buy the better equipment sold by those leaving the games.
This Formula One auction is one of the more extreme examples from recent times. Few people enjoy spending over $100, let alone over $100,000, on video games. The game will have to see broader interest for the buyer to ever have a hope of recouping those kinds of funds for the item.
There are all kinds of scenarios where someone might have bought this item. If the F1 cars continue to fetch such hot prices, other brands are sure to sign on with time. As we recently reported, MLB had partnered with a digital collectibles company to offer a type of blockchainized baseball card system.
Before you know it, several aspects of entertainment will have some element of the blockchain associated with them. If blockchain were used to issue access to things like Netflix, for example, you could sell your membership when you got tired of it. Systems could even be built for sub-leasing such things. Netflix and other providers could deal with a variety of smaller providers, who provide to people’s unique needs.
The cost of streaming has steadily risen, along with a balkanization of studio content. At this point, the two most reliable services are Amazon and Apple, both of whom have individual services within their platform.
Digital property is only one aspect of blockchainization that incoming generations will likely deal with on a semi-regular basis. Beyond that, some companies are working to put real assets on the blockchain. A new wave of investment opportunities, including the ability to buy fractions of real estate, may arise in the future.
Property deals of a whole new kind may come up: a group of investors can invest into an income-earning property at different levels, and be paid out of the profits automatically. Other companies can rise to fill specific demands, such as servicing the properties.
That interest at this level is taking place in any Ethereum dApp at this point is newsworthy. If people are willing to put up this kind of money already, what kind of numbers can we expect when more popular digital items eventually become possible?
This article was edited by Samburaj Das.