Need for Speed Shift developer Slightly Mad Studios is currently working away hard on its crowdfunded racer Project CARS, but oh, that's not all it has coming. The British studio today announced World of Speed, a free-to-play MMO drive' em up with cars and roads and, as one would expect from a F2P MMO, social jazz up the wazoo.

"At the heart of World of Speed lies a unique massive multiplayer online experience which incorporates a dynamic social elements and entirely new ways to compete in a racing video game - from an individual to a team level," Slightly Mad CEO Ian Bell said in today's announcement.

It'll be all social with team modes, GameSpot's preview reports, and players creating and competing in "clubs." Racing clubs who are particularly dominant on one track will win a special clubhouse there, and can join in a mysterious 'Territory Wars' minigame.

As for monetisation, it seems that's focusing on XP boosters and the like.

"We're not going to put any content behind a paywall, because that's completely obvious, and we saw that with other racing games on mobile that got a bit more flack," creative director Andy Tudor told GameSpot. "And we certainly don't want you to go into a game where you feel like you're at a disadvantage because somebody else has paid, because that is pay to win."

It'll launch later this year, preceded by a beta in spring. Signups are open on the official site.