Algorand enters into a sponsorship deal with Drone Racing League 2021

Drone Racing League (DRL), a professional drone racing league based in New York, has secured a sponsorship deal with crypto platform Algorand. Earlier today, a report disclosed this news, noting that this partnership involves a five-year deal worth $100 million (£71.92 million). Reportedly, Excel Sports Management negotiated this deal with Algorand.

According to the report, DRL involves competitors piloting customized quadcopters through neon-lit courses at speeds of up to 120 miles per hour for a chance to win prize money. Players view the quadcopters in first-person using VR-like goggles. The league launched in 2017 and is currently worth $200 million ($143.84 million).

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As part of the agreement, DRL has reportedly added Algorand’s branding around the stadium setup. In addition, Algorand has also received title rights for DRL’s World Championship, which starts later this month.

Tapping into various facets of the blockchain

Commenting on this partnership, DRL’s President, Rachel Jacobson, said,

We’re constantly innovating our immersive, high-speed drone racing competition with new ground-breaking technology. Blockchain is a bullseye for drone racing, and we’re excited to welcome the blockchain community to our sport and join our tens of millions of young, tech-obsessed ‘tech-setter’ fans.

Per the publication, DRL seeks to use Algorand’s blockchain network for multiple applications, including ticketing and creating non-fungible tokens (NFTs). Per Jacobson, the organization seeks to create tokens that offer fans a chance to contribute to the league’s evolution. This involves participating in the decision-making process to improve the way players play the sport as well as introducing new experiences in the arena.

This news comes as Algorand (ALGO/USD), the native token of the Algorand network, tries to maintain the massive gains that saw it double its price in the past week. Per data from CoinMarketCap, ALGO started this month trading at $1.12 (£0.81). The coin started gaining gradually before doubling its price on September 9 and traded as high as $2.54 (£1.83) yesterday.

However, this bullish momentum seems to be fading, with ALGO changing hands at $2.10 (£1.51) after a 2.20% plunge in 24 hours. The coin is currently down 35.82% from its 2019 all-time high of $3.28. Although the coin has not reacted to the news of the partnership, the use of the Algorand network by DRL might trigger another bull run.