The Drone Racing League is set to launch a crypto-centric play-to-earn video game with Playground Labs, a New York-based blockchain, metaverse, and web3 game developer.
The two companies will work together to build a virtual version of the DRL on Algorand, a cryptocurrency platform. In September, the DRL agreed to a five-year, $100 million deal with Algorand, adding to a growing list of crypto companies embracing sports.
Development of the gaming title will be backed by Hivemind Capital Partners, a $1.5 billion crypto investment fund, which was launched in November by former Citi executive Matt Zhang.
- DRL, which features drone pilots racing through courses to compete for prize money, is valued at $200 million, according to Pitchbook.
- The league reaches roughly 75 million fans globally and continues to expand during its sixth season, which started on Sept. 29 and is scheduled to conclude on Feb. 20.
- It secured a partnership in October with Genius Sports to bring drone racing to licensed sportsbooks.
Growing In Popularity
The global drone market is expected to reach $92 billion by 2030, an annual growth rate of 25%, according to ABI Research.
The New York-based tech intelligence firm projects that roughly $63 billion of that revenue will be earned commercially, excluding military, police, and public surveillance use.