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Algorand signs a $100 million deal with the Drone Racing League - #Shorts
With the upcoming season of the Drone Racing League, Algorand will take up title rights.
Algorand, a cryptocurrency platform, has signed a sponsorship contract with the Drone Racing League, which is the league’s largest to date. The arrangement is worth $100 million over the next five years, according to a league news statement. The deal’s specific terms were not disclosed. Algorand will receive title rights to the Drone Racing League World Championship tournament over the next five years, according to the statement. The league will also use Algorand to broadcast events and highlight social media and streaming platforms, as well as integrate into the blockchain network.
“Algorand and the Drone Racing League are the most technically sophisticated, disruptive, and visionary enterprises in blockchain and sports, respectively,” stated Steve Kokinos, CEO of Algorand. DRL will use Algorand’s technology to build immersive in-game experiences, exposing millions of technology enthusiasts to the potential that blockchain may bring to racing and sports as we know them today.”
Drone Racing is growing in popularity.
For those unfamiliar with Drone Racing, it is a league in which drone pilots compete for cash and awards by racing through technical courses. Bringing blockchain technology to drone racing is “a bullseye for the league’s ‘tech-setter’ fans, who are early adopters, receptive to new kinds of entertainment, and 40 times more likely to follow and engage with crypto social media than the general public,” according to the league.
“Algorand shares our ideals of speed, creativity, and inclusivity,” Drone Racing League President Rachel Jacobson stated in the formal announcement. We have big intentions to create a new sporting experience in the metaverse as the largest cooperation in DRL’s history. We are ecstatic about how this alliance will change the game for sports and tech lovers, as well as the global blockchain community.”
The league’s next big event will be the 2021-22 World Championship Season, which will combine eSports and real-world drone racing into a single competition. Races will be held in Minnesota and Memphis, as well as virtual courses, live from the US Air Force Boneyard. The first season of the Drone Racing League will begin on September 29 and will be broadcast live on Twitter.
The post Drone Racing League Signs $100M Deal With Algorand appeared first on BeInCrypto.
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