All NFTs have special race day attributes that increase the chances of winning races and are produced in limited quantities as determined by their level of rarity. The first phase of the game will go live on May 10.

Animoca believes F1’s worldwide audience of 1.6 billion television viewers and 4.1 million race attendees, along with its high profile commercial and broadcast partners, will give it a platform to prove the viability of Blockchain gaming and to expand its business.

"Securing a partnership to make blockchain games with Formula 1 - one of the most recognized brands in sport - is a notable achievement,” declared Yat Siu, co-founder and chairman of Animoca Brands. “We will leverage Formula 1’s considerable global reach to drive product uptake and revenue growth as together we seek to increase consumer exposure to Blockchain.”

Digital push

Liberty Media has made digital a priority ever since it acquired the sport in 2016 and appointed Frank Arthofer as global head of digital and new business back in May 2017. In addition to new on-screen graphics, it has partnered with Amazon Web Services, using cloud AI technology to crunch race data and present it in a more meaningful way to fans and commentators.

It has also launched its own F1 TV, its own over the top (OTT) streaming service in certain markets.

This digital push is essential if Formula 1 is to maintain and build its fanbase. There is intense competition for millennials’ leisure time and even then they are using new channels, like Facebook, Instagram and Snapchat to interact with sporting organizations.

In the U.K, the live broadcast rights are held Sky Sports with the British Grand Prix being the only race shown on free-to-air television. Formula 1 needs to retain a visible presence to keep teams and sponsors happy and, better late then never, it believes digital is the way forward.