Algorand is flying headfirst into GameFi and the Metaverse by launching a Drone Racing Play-to-Earn project backed by ex-Citibank Exec. Matt Zhang. Covered: Algorand Metaverse And Play To Earn Drone Racing League Play-To-Earn Potential Algorand Metaverse And Play To Earn Last month we reported on the ex-Citibank Executive, who launched a $1.5 billion dollar fund […] The post Billion Dollar Fund Launches Metaverse, Play-To-Earn on Alogrand appeared first on CryptosRus.

Billion Dollar Fund Launches Metaverse, Play-To-Earn on Alogrand

Algorand is flying headfirst into GameFi and the Metaverse by launching a Drone Racing Play-to-Earn project backed by ex-Citibank Exec. Matt Zhang.

Covered:

  • Algorand Metaverse And Play To Earn
  • Drone Racing League
  • Play-To-Earn Potential

Algorand Metaverse And Play To Earn

Last month we reported on the ex-Citibank Executive, who launched a $1.5 billion dollar fund to supercharge the Algorand ecosystem. Matt Zhang and Hivemind Capital are now putting some of that money to work in the form of a play-to-earn Metaverse project on Algorand.

As Forbes reported this morning, the Drone Racing League will be at the center of the project, with Hivemind Capital funding it and Playground Labs building it. This will be the first iteration of game-fi on Algorand and really the first stab at the metaverse, except for NocturnFi, another project in testnet.

Drone Racing League

If you weren’t aware, the Drone Racing League is a professional league that airs its events on NBC Sports. It is a new(ish) sport that has taken off in the last couple of years. They hold their events at major stadiums across the US and are an example of turning E-Sports into a real, live sporting competition.

credit: the verge

So it is no surprise that such a sport would embrace the blockchain and booming game-fi/metaverse industry. Algorand and The Drone Racing League are hoping to make their “killer app” that will onboard millions of users and bring adoption to drone racing and Algorand.

Recommended: Three Metaverse Play-To-Earn Projects To Keep On Your Radar

Play-To-Earn Potential

Play-to-earn and GameFi is still a nascent space that has incredible potential because of the virality of games. Add the economic incentive component via crypto, and the possibilities are endless. As an example, Gala Games was the #1 crypto project of 2021 in terms of year-to-date gains.

As Forbes points out: “In the case of DRL’s drone racing game on the Algorand blockchain, the crypto-based, play-to-earn assets could, theoretically at least, be transported out-game through the metaverse, or traded for cryptocurrencies, including Algorand’s own ALGO token.”

Drone Racing is also bigger than you may already imagine. According to recent statistics, DRL now has “12 global TV partners, who air the races to 250 million households in 140 countries”. In 2021, DRL’s TikTok channel ballooned to over 2 million followers.

@droneracingleague

Reply to @droneracingleague This is how we watch for false starts #drl #algorand #allianz

? original sound – DRL

Racing, gaming, crypto, cool drone tech, and intense competition are a good set of attributes to have as a project. The DRL and Algorand completed a partnership with over $100 million in September, and while the details are yet to be released for the game, it appears there will be a “white glove approach.”

Responding to the announcement, DRL President Rachel Jacobson said: “We have to know blockchain because we always want to be 10 steps ahead and first to market. We’re going to be Playground Labs’ crown jewel. We’re building a roadmap of so many different things in the next several years.”

One thing is for sure, GameFi is here to stay. Crypto and Gaming may be the real “vector” to billions of users, the spark to true adoption many have been waiting for.

We will keep you updated on the progress of this project.

Recommended: Top Five Algorand Stories of 2021

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