REVV is a token that can be used as a native currency in a number of motor sport games developed by Animoca Brands. Animoca Brands is a blockchain game development studio. The company has a broad number of partnerships with investors and other game developers such as Atari. Additionally the project counts with a number of experienced advisors who have backgrounds in venture capital, gaming and large tech companies.
REVV tokens are ERC-20 tokens. The ERC-20 token standard represents the principle token standard for fungible tokens on Ethereum.
The REVV token can be traded on Uniswap since September 4, 2020. In total 3,000,000,000 REVV tokens have been created. The token supply is going to remain stable.
Part of the token supply is reserved for rewards in the games F1 Delta (17% of the token supply and Moto GP (13%) of the token supply.
Token Use Cases
Just as Sorare NFTs REVV tokens can be used for various gaming use cases. In the following the games and corresponding use cases are summarized:
- F1® Delta Time: is a racing game based on the F1 (Formula One) auto race. It uses both NFTs and the REVV tokens. Players of F1 Delta will be required to pay their participation fees in REVV tokens in order to be able to participate in races. Successful players will subsequently be rewarded in REVV tokens. The REVV tokens can be used in the game for staking and in order to purchase in-game NFT tokens. In case you do not know what NFTs are check out our article covering them: https://frontierprotocols.com/non-fungible-tokens-eventually-unfolding/
- Moto GP Video Game: a motorcycle racing game using REVV as in-game currency in similar ways as they can be used for F1 Delta.
Further games which will support the REVV token are scheduled to be announced soon.
Ensuring the scalability of the in-game currency
On February 18 it was announced that REVV Motorsport will be built on Polygon network, a layer 2 scaling solution on Ethereum that was previously called Matic Network. The move became necessary after gas fees on the Ethereum network have skyrocketed and made the platform unusable for gaming use cases.
Adopting layer 2 scaling solutions potentially decreases the security of transactions. However, for gaming purposes transaction amounts are typically significantly lower than for other use cases such as decentralized finance and hence require less security but lower transaction costs. Therefore it is absolutely reasonable for the team to adopt the latest scaling technologies.
Before you go …
The REVV based gaming economy is replicating traditional sport industries where players need to pay fees in order to participate in contests and the best players subsequently will be rewarded with prizes. This supports a further professionalisation of the gaming niche. We at Frontier Protocols wouldn’t be surprised to see a new industry of gaming professionals emerge. Those people will dedicate their life to playing games and will be able to finance their living with participating in blockchain based gaming contests.
REVV motorsport is an interesting platform since its launch comes right at a time when NFT popularity and blockchain use cases for gamification are booming. While the 2017 bull market was driven by the ICO market the 2021 market is driven by the NFT and DeFi narrative. REVV is able to position itself well in this market at a time when NFT based games such as NBA Top Shot are reaching mainstream adoption. Furthermore, the team is dedicated to provide scalability to its users so that the platform can be adopted by the masses.
The fact that makes REVV unique is that it combines fungible and non-fungible tokens in its gaming economy. The combination of NFTs and REVV tokens and the token economics that were designed in a way that both asset classes incentivize each other mutually promise a rewarding game experience for users. On top users can move their tokens from one game to another without any friction.
REVV could also be an interesting option for investors looking to get exposure in this nascent industry since its total token supply is fixed.