Algorand Blockchain to Sponsor Drone Racing League for $100M

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Algorand Blockchain to Sponsor Drone Racing League for $100M
Algorand Blockchain to Sponsor Drone Racing League for $100M

Algorand has agreed to pay $100 million over five years for collaboration from title sponsorship to metaverse gaming, a source familiar with the deal said 

Drone Racing League Signed its Largest Partnership with Algorand

The Drone Racing League (DRL) based on today’s crypto boom, has signed the largest partnership to date with the blockchain platform Algorand. 

Algorand is a blockchain platform that was founded in 2017 by MIT professor Silvio Micali. It supports a range of crypto activities as an alternative to other options like Ethereum. As Ethereum’s fees have risen with its popularity this year, competitors have received more attention. Algorand’s $ALGO coin recently hit a high price of $2.42 with a market value of over $11 billion on Monday. The platform was used to establish a national digital currency in the Marshall Islands and was recently selected to host Colombia’s COVID-19 virtual passport database.

Algorand is now the title sponsor of the DRL World Championship Tour. Excel Sports Management helped negotiate the deal. The DRL season starts on September 28th. DRL President Rachel Jacobson stated that the alliance plans to launch a blockchain experience around ticketing and collectibles starting this year.

Jacobson said in an interview: “Every day you wake up and there is another jersey patch deal or another NFT fan token coming out.” “This is really about building something together that only our sport can deliver.”

Algorand to Create a Virtual Game for the DRL

DRL will also host a hackathon with Algorand. In the future, DRL will rely on virtual games based on the Algorand blockchain. “We hope to have this unique sports experience at the Metaverse,” said Jacobson.

In a statement, Algorand CEO Steve Kokinos said: “DRL will leverage Algorand’s technology to create immersive in-game experiences and introduce millions of technology enthusiasts to the possibilities that blockchain can bring to racing and to sports as we know them today.”

Last month the league did

debut Its first racing drone to support 5G hopes to improve the gaming experience for pilots and fans alike. At the beginning of this year, DRL, which was founded in 2015, landed its first sports betting partner, as it aims to build the sports industry of the future.