Drone racing is a rapidly emerging form of entertainment that allows competitors to put their split-second decision-making to the test and use head-mounted displays to navigate their customized drones over a set course as quickly as possible. The Drone Racing League (DRL) is reportedly partnering with Playground Labs to bring the popular concept to the metaverse.
Key takeaways:
- DRL and Playground Labs, a company that specializes in building the next generation metaverse infrastructure, have announced they are working on a drone racing game that will feature Play-to-Earn (P2E) mechanics and be built on the highly efficient Algorand blockchain.
- P2E is rapidly gaining notoriety in the crypto and gaming industries. The new monetization model allows players to earn digital assets that are transferable between various gaming titles and offers a stark contrast to the mechanics employed in traditional video games.
- According to the press release, players will be able to compete for a share of non-fungible token (NFT) rewards and digital tokens, which is pretty much all that is known at this point. The two companies have not yet disclosed further details about the upcoming game.
- The decision to pick Algorand as the backbone of the new virtual reality game comes four months after DRL signed a $100 million deal with the rapidly growing crypto platform.
- Drone racing has enjoyed great success over the past few years – the global drone racing market is projected to grow from $412 million in 2019 to $2.1 billion by 2026.
- Algorand, a specialized Layer 1 network optimized for blockchain interoperability, decentralized finance (DeFi), and NFTs, has skyrocketed to 20th place in the market in just two and a half years since its release.
- The price of ALGO, the platform’s native token, has increased by 2.74% in the last 24 hours and nearly 12% in the first few days of 2022.
