Blockchain startup Animoca Brands announced it had signed a global licensing agreement with Formula 1 to publish a blockchain game based on the world-renowned racing series. The news was revealed in a press release from Animoca published on March 26.

Formula 1 — which reportedly draws ~1.6 billion television viewers across over 180 territories and engages 506 million fans worldwide — has reportedly signed a licensing agreement that will allow Animoca to publish a blockchain game “F1 Delta Time,” based on non-fungible tokens (NFTs).

The forthcoming blockchain game F1 Delta Time — the first phase of launch being set for May 10 — will reportedly have a collectible component based on NFTs, as well as a racing component that utilizes those NFTs.

The press release highlights the significant brand power of Formula 1 and the new licensing agreement’s potential to broaden consumer exposure to blockchain.

Since launching its inaugural FIA Formula One World Championship in the 1950s, Formula 1 now reportedly runs 21 races in 21 countries across five continents each season, with a reported 4.1 million annual race attendees.

Animoca claims the blockchain game will deepen fan engagement, and that the partnership aligns with Formula One owner Liberty Media’s aim to improve fan experience via significant investments in new technology.

To press time, Formula One has not responded to Cointelegraph’s request for comment on the development.

As previously reported, in December 2018, Animoca Brands entered into a licensing agreement with Atari — famous for being the developer of iconic video games such as Tetris and Pac Man. The rights agreement will allow Animoca to produce and publish blockchain versions of Atari mobile games “RollerCoaster Tycoon Touch” and “Goon Squad” in most jurisdictions worldwide.

In February 2018, Atari saw its share price skyrocket by over 60 percent after announcing that it would be investing in cryptocurrency.

During a recent appearance at crypto event Token 2049 in Hong Kong, Ethereum (ETH) co-founder Vitalik Buterin argued that blockchain applications outside of finance still face more difficulty gaining traction and acknowledged that developments such as NFTs and gaming can help broaden the technology’s outreach.