As part of the licencing agreement, Animoca Brands will assist in driving fan engagement by developing and publishing the blockchain game.
The game has a blockchain element as it will have a collectible component based on non-fungible tokens (NFTs) which can be used in the game’s racing component.
The first phase of the game, featuring NFTs based on Formula 1 intellectual property, will be launched on 10 May 2019.
Animoca’s co-founder and chairman Yat Siu said: “Securing a partnership to make blockchain games with Formula 1 - one of the most recognised brands in sport - is a notable achievement.
“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.”
Animoca Brands believes that the licensing agreement can considerably broaden the company’s consumer reach, and it aims to drive growth and product uptake by leveraging the significant brand power of Formula 1.
1.6 billion television viewers
Formula 1 has a global footprint, hosting 21 races in 21 countries across five continents.
During the nine months of racing per year, F1 attracts 1.6 billion television viewers, 506 million fans and 4.1 million race attendees.
The sport attracts prestigious companies as sponsors, including Pirelli, DHL, Rolex, Emirates and Heineken, among various others.
Its broadcast partners include Sky, Fox Sports, and ESPN.
Plenty of recent news flow
Today's agreement follows a number of recent announcements from the company that includes contract wins, game launches, and the securing of funding.
Earlier this month, Proactive caught up with Yat Sui for a company update including the company becoming cash flow positive.