Whether the new crop of young drone pilots prefers the tokenized, metaverse version of DRL, or the real-life event under night-lit skies, remains to be seen.DRL is unique because it merges reality with digital, immersive experiences, using advanced drone technology. ABI forecasts that 70% ($63 billion) of this revenue will be in the commercial sector, so outside of drone applications in military, police or public surveillance use. The global drone market, valued at $9.5 billion in 2020, is expected to expand at an annual growth rate of 25% and reach $92 billion by 2030, according to ABI Research, a global technology intelligence firm from New York. Rachel Jacobson, DRL’s global president, said making the competition more diverse – and, ideally, female – is a priority for the company.Īs more drone hobbyists get their hands on the hardware, an increased number of piloting talents could fly towards DRL. In 2021, the league’s TikTok channel grew threefold to 2 million followers. Launched in 2015, DRL now has 12 global TV partners, who air the races to 250 million households in 140 countries. Munich, Germany’s BMW World, France’s Riviera, Arizona’s Chase Field, Miami’s Hard Rock stadium, Los Angeles’ Skate Park – and even the kingdom of Saudi Arabia – have hosted past races. According to the Cambridge University Bitcoin Electricity Consumption Index, the 123.02 terawatt-hours (TW/h) worth of electrical energy used annually by Bitcoin miners is equal to the total energy consumed in Argentina, Colombia, Norway, Sweden and Ukraine per year.ĭrone Racing League pilots enter the course at Alexandra Palace, London PA Images via Getty ImagesĪs for the analog, real-life drone racing competition happening in Las Vegas: it might come to a sky near you very soon. The PoW system, also known as mining, has come under increasing pressure from environmentalists and regulatory bodies in 2021. Whereas the world’s two largest cryptocurrencies, Bitcoin and Ethereum, are proof-of-work (PoW) networks, Algorand operates as a pure proof-of-stake (PoS) network, making it much more energy-efficient. The blockchain claims it is “carbon-negative,” because it operates as a pure proof-of-stake (PoS) network.Īlgorand’s ALGO token, ranked at #20 on Forbes’ list of most influential digital assets, has the 18th highest market cap of any cryptocurrency, currently hovering around $11 billion. In the past six months, for example, Solana added $46.4 billion in market cap, climbing past 9 rival cryptocurrencies to land at #5 overall, while Dogecoin, which is mined just like Bitcoin, lost $1.3 billion and dropped eight places.ĭesigned from the ground up to use less energy than Ethereum (another PoW network) during the consensus process, Algorand’s environmental footprint, or lack thereof, could turn out to be a selling point for Drone Racing League’s Gen-Z target audience. In recent months, environmentally friendlier cryptocurrencies that use a proof-of-stake model have fared better than their proof-of-work (i.e. Just like other competitors like Solana or Cardano, Algorand intends to displace Ethereum as the primary blockchain home for the decentralized apps (dApps), DeFi projects, and crypto-native games of the future (or, in crypto-speak, the metaverse). (Photo by Steven Paston/PA Images via Getty Images) PA Images via Getty Images The Drone Racing League custom drones, the Racer3, in action at Alexandra Palace for the Allianz. 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, on secondary marketplaces. As a result, you could not use your FIFA 19 Messi player card outside that Electronic Arts-owned product. Traditional video games are controlled by a centralized entity, usually the game’s developers, and are native to that company. In traditional video games like Electronic Arts’ soccer game FIFA, for example, a digital asset – such as a Lionel Messi player card purchased in FIFA 19 – can not be carried over to FIFA 20, or any future iterations of that product. In the case of DRL, the play-to-earn digital assets to be won online might include digital racing drones, or a new pair of digital clothes, for example. The goal is to onboard new fans with play-to-earn incentives such as non-fungible tokens (NFTs) that can be used in-game – or traded on markets outside the game. The new game, which could bring DRL to a nascent virtual reality version of the internet, known as the metaverse, is bankrolled in part by New York-based Hivemind Capital Partners, a $1.5 billion crypto investment fund launched in November 2021 by Matt Zhang, a former Citi executive on Wall Street.
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