Animoca Brands, a global developer and blockchain gaming firm, has entered into an agreement with Formula E. It is believed that both of them will be developing a blockchain-powered motorsports game that will feature non-fungible tokens (NFTs).
Formula E was developed in 2011 by Jean Todt and since then, it holds 14 races in 12 different cities. The sixth championship of Formula E was resumed on August 5 in Berlin, Germany, as it was suspended earlier due to the coronavirus pandemic.
Animoca Brands REVV Token Will Be Used As In-Game Currency for Formula E
The REVV utility token of Animoca Brands will be used as an in-game currency in the Formula E game. It has been seen that NFTs have been in huge demand lately. Not only Animoca, but other firms are also using NFTs in their games that has accelerated the demand.
Enjin, a blockchain-powered gaming developer, also entered into a partnership with Skymarch, a Canadian gaming studio. This partnership has been formed to launch three titles that will be utilizing NFTs. Similarly, Aave, one of the major DeFi protocols, has also joined hands with Axie Infinity and will be sponsoring the Axie Community Alpha season. With this, the players will be having a chance to win 4000 AAVE tokens.
Bringing 30+ years of combined experience from Ubisoft, Disney, EA & more, we're pleased to welcome Skymarch Entertainment to the Enjin Multiverse! 🎉
This ambitious team is developing 3 unique titles that will each use #NFTs to enhance core gameplay.
— Enjin (@enjin) November 5, 2020
NFTs Became Highly Popular in 2020
2020 has been quite a rough year for most of the economies across the world. However, cryptocurrencies and other virtual currencies have seen some huge success this year as a huge number of the population seems to be quite attracted to it. DappRadar, a market analyst, has recently claimed that the five-largest Ethereum-based marketplaces for NFTs pushed more than $1 million in daily volume in October 2020. Now this news of Animoca Brands to offer its utility token in this partnership clearly determines the popularity of NFTS in the market.