This winning bid represents one of the highest sums ever paid for a game-based non-fungible token (NFT) or virtual asset, and the highest price for a branded game NFT.
The 1-1-1 is the first digital car to be released for the upcoming F1 Delta Time blockchain-based game developed and published by Animoca Brands.
The game, licensed by Formula 1, consists of a collectible component based on NFTs as well as a racing component utilising those NFTs.
The 1-1-1 has a sleek aerodynamic design of black carbon composite, rose gold plating, and swathes of glittering diamond crust.
Like its striking and unconventional shell, the performance of the 1-1-1 stands out from the crowd, with performance indices above the maximum levels to deliver unmatched speed, acceleration, and grip.
The first phase of the game, available now, consists of the collectible component featuring NFTs based on F1.
The name of the 1-1-1 signifies the first official Formula 1 NFT, the first F1 Delta Time car auction, and the only one of its kind.
NFTs can attain a high value
Rare digital collectibles can sell for very high sums at auction. The most expensive CryptoKitties NFT was sold for 600 Ether (about US$170,000 at time of sale).
Unlike most other digital items, NFTs can attain such value because blockchain technology enables these digital assets and collectibles to carry properties more often associated with the real world, such as authenticity, rarity, provenance, and scarcity.