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Link: F1 associated NFT game shuts down, taking the NFTs with it

As for what’s happened to all those precious NFTs, well, for all intents and purposes they no longer exist. It’s worth noting the developers are attempting to compensate owners of those now-worthless NFTs with replacement tokens for one of the company’s other blockchain-based racing games. Affected players can be compensated in various ways, including Replacement Cars, or a “Race Pass”, or “Proxy Assets”, which “will be used in the future to obtain NFTs to products across the REVV Motorsport ecosystem.” In other words, you get a token for your token. A perfectly secure investment!

Indeed, while Animoca’s gesture might seem like a company doing right by its customers, the whole point of an NFT is that it is supposed to convey security and permanence to a digital object. It’s supposed to say “this thing exists with a uniquely attributable value”. Hence, for Animoca to turn around and say to their customers “Oh no, these NFTs are entirely replaceable” makes a mockery of the whole endeavour.