'Why I spent $111K on a digital F1 Car'

In May 2019, a record breaking non-fungible token representing the first digital F1 car was sold for over $110,000.

The winner of the auction has just come forward, revealing why he brought the elusive NFT. The 1-1-1 Formula 1 car was the most expensive NFT sold in 2019, designed for the officially licensed blockchain game F1 Delta Time.

Details about the buyer were disclosed on the Blockchain Gaming World podcast, and Animoca Brands, the blockchain gaming firm that sold the NFT and created Delta Time, revealed the buyer was the pseudonymous 'Metakovan'.

During the interview with podcast host Jon Jordan, the investor revealed that it wasn't even the most expensive purchase he had made and that he has not taken the digital car out for a spin on the digital track yet.

"A branded NFT was one of the first things that caught my eye. But I did not know the company. [] I did see this interesting bidding war developing. [] As I saw the auction I noticed there was something interesting happening here."

"I could've bought a real car for this. And that's what makes good stories, actually, at the end of the day."

NFTs such as the gem-encrusted 1-1-1 can be staked in the game to earn native REVV tokens.

"The way art has blossomed makes doubly sure that NFTs are the perfect medium for crypto. This is because NFTs were, and are, so much fun. From an Urbit Galaxy to the F1 DeltaTime 111, to estates full of promise in CV and DCL. As NFTs, I was collecting experiences - fully formed ones as well as seeds of future experiences."

The designer of the ostentatious 1-1-1 race car, Ibrahim El-Mouelhy, wrote a lengthy personal account of the auction and the ensuing hunt for the owner.

NFT sales have surged in 2020, and that trend is not looking likely to slow down any time soon.