What is Revv (REVV)?
The REVV token is an ERC-20 token designed for use in the Revv play-to-earn ecosystem. This ecosystem supports racing games like F1 Delta Time and MotoGP. The F1 Delta Time game is the official Formula1 blockchain game, while MotoGP is a game that combines strategy and management with the intensity and thrill of motorcycle racing.
The REVV coin is a fungible cryptocurrency built on the Ethereum blockchain. As a fungible token, it means that one REVV token can always be exchanged for properties and items that have the same value as the REVV crypto token. In the Revv price chart above, you can see the current REVV price.
REVV is the main utility token and the only approved in-game currency of branded motorsports games designed and produced by Animoca brands. One interesting thing about this token is that it has real-world value. As a standard ERC-20 token, it supports whitelisting by contract operators who wish to provide approval-free REVV token transfers within the ecosystem. This allows transactions within the Revv platform to use REVV tokens as payment for gas, without needing the Ethereum token at all.
The token has been built as a single currency that connects multiple Animoca brands' blockchain games based on racing sports. This gives members of the ecosystem ease as they do not have to go through the hassle of multiple token conversions.
Use Cases of REVV Tokens
As mentioned before, holders of REVV crypto tokens can make use of the token in all the games available in the ecosystem.
A good example is the use of REVV within the F1 Delta Time game. REVV is used to purchase exclusive in-game NFTs. However, the number of NFTs available must be made to match the amount of REVV tokens in circulation.
Additionally, REVV tokens are paid as entry fees to all gameplay modes including the time trial and Grand Prix modes. REVV coins are paid to track owners within the game ecosystem and are given as rewards to players in these games. Rewards are calculated based on the race performances of players.
Finally, owners of race car and motorcycle NFTs can stake them for rewards in REVV tokens. The amount of tokens they can get as rewards are calculated based on the rarity and value of the NFTs they own, and the length of time they want to stake. Furthermore, you can stake REVV tokens to receive more REVVs or NFTs as rewards.
In the future, more use cases will be designed for the token. It is expected that more use cases will attract more users and in the process increase the demand for the token and the REVV price.
Who Founded REVV?
Revv was developed by the Animoca brands as part of its strategy of building a gaming ecosystem for the metaverse. Animoca was founded in 2014 by Yat Siu. He was born and raised in Vienna and he previously worked for Atari, a popular game development company. He is also the founder of Outblaze. This company focuses on the development of various digital media products.
The Animoca brand is a developer and publisher of various blockchain games, traditional games, and other products. Some of the games produced by Animoca include games based on popular brands like Marvel, WWE, Power Rangers, and more.
REVV Tokenomics
To maintain the stability of the ecosystem economy, REVV tokens are not burned through use but are reintroduced back into the economy after use. The maximum supply of REVV crypto tokens is 3 billion REVV. Of this amount, 43.33% is kept in the company’s reserve. Players are rewarded from the 8.33% in the player rewards reserve, while the team and advisors were allocated 10%. F1 Delta Time and MotoGP games get 16.67% and 13.33% respectively.
Finally, the initial coin offering got 8.33%. The release schedule has been designed such that all available tokens will be in circulation before the end of the year 2023. Future ecosystem games will be funded through the tokens in the reserve. As a reminder, you can observe the recent REVV price movements on the Revv price chart above.
