Somebody Paid $101,336 For A Virtual F1 Car

[HopAlong]

Its technically not even a F1 car, certainly would fail tech/scrutineering, and not because of the diamonds.

Digital collectable? In 10 years my collection of diecast/models will still be worth at least a little bit. I can't see anyone getting excited over my Forza 5 save, never mind it being worth something. Although if the guy is reading, I do have a one of a kind pink Citroen 2CV with gold lowrider style wheels in GT4, all yours for £500,000.

 

[MIE1992]

Resell Value when price/value is high.

Imagine buying a stock in a stock market. This Blockchain thing is essentially it but with Cryptocurrency, in this case ETHreum.

Sounds like a money launderer’s wet dream.

 

[Andyc709292]

Im sorry but this is beyond me. What time are we living in? I dont understand any of this and im not sure if i want to.

Think of it as a fancy bit of artwork, the artist has put it on sale for over $100k and the rights to it and used some digital mechanism to ensure that it's an original piece. Someone bought it...

Will it be worth that in the future, like just about everything that's traded, that's down to the demand that someone else has for it and what they're willing to pay for it.

A sensible investment? - well, if it kicks off it's great, no need for insurance, no need expensive storage costs. The only time I'd personally buy this though (and in a drunken stupor) would be if I had guarantee that it could be converted to currency by the issuer. That is if I want to actually draw down on the investment... but that's not going to happen (as it would be basically linked to a cash rate then).

They could have linked it to a cryptocurrency, that would have been awesome - instead of bank notes we could have had TCRs for $100s, GT3s for $1000's and so on... But that would have been a linked rate, not an auction that brought in Sheikh YaWallet or whoever paid silly money for this.

 

[stupidstormy36]

I'm sorry, but I have to be perfectly blunt here with my honesty. That's completely stupid.

I hate how people say that this digital item or that digital item is rare and one- of-a-kind. This is never the case and is only artificially limited just to make it look rare. It's never a good look to me whether it's cryptocurrency or real money. This is one of the reasons why I don't like "unicorn" cars in Forza, but at least you don't spend any real currency on them.

From what I've read from the article, it's just a game about collecting and trading NFT virtual goods. What "compete in virtual racing events" entails, whether you can actually drive the vehicle, or it's handle through a game of chance, I do not know.

 

[LeGeNd-1]

If it weren't stated in the article as officially licensed by F1, I'd have thought it's one of those scam websites. I still find it odd that the official Formula 1 website doesn't even mention any of this. They mentioned Codemasters games when it launched, and races from the F1 esports are even posted in the official channel. But not a speck of info about this.

The only formal article I could find is this https://www.forbes.com/sites/stevem...elease-official-blockchain-game/#7728af8325d9

 

[Andyc709292]

I'm sorry, but I have to be perfectly blunt here with my honesty. That's completely stupid.

I hate how people say that this digital item or that digital item is rare and one- of-a-kind. This is never the case and is only artificially limited just to make it look rare.

Well said.

 

[TenEightyOne]

Fungible.

 

[Pupik]

TulipMania II, the Electronic Boogaloo.

 

[eran0004]

The car only has value because people think it has a value. There’s no underlying need or desire for it, and there are no guarantees of value. That makes it about as sensible as investing in a ticking bomb.