Animoca Brands Enters Into an Agreement with Formula E
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Animoca Brands Enters Into an Agreement with Formula E

November 6, 2020      Vandana Malik

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.

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. 

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#Animoca Brands #Axie Infinity #Formula E #In-Game Currency #NFTs #REVV Token
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.