Heralded by many as the “sport of the future,” Drone Racing League continues to live up to the moniker by announcing a multi-year partnership with blockchain platform Algorand.
The five-year deal, worth $100 million according to people with knowledge of the partnership, is the largest deal since DRL was founded in 2015 by Nicholas Horbaczewski.
As part of the partnership, DRL will unveil blockchain-enabled ticketing, collectibles, fan transactions and NFTs on Algorand, which will have the title rights to the DRL World Championship circuit for the extent of the deal. DRL will also develop a Digital Drone Racing series built into Algorand’s blockchain network.
“DRL is a defining 21st-century sports property, and we’re only going to do 21st-century business deals,” DRL president Rachel Jacobson said. “Blockchain and drone racing is a perfect match. We knew we had to be so thoughtful entering this space and really find that company that shared so much of our DNA and brought similar ambitions when we thought about the growth of blockchain as well as our sport.”
DRL’s deal with Algorand comes at a time when sports organizations and leagues have begun to embrace cryptocurrency—decentralized digital money based on blockchain, a distributed digital ledger.
Crypto.com was named the official cryptocurrency partner of soccer giants Paris St. Germain on September 10; the company signed a 10-year, $175 million deal with the UFC in July, a five-year, $100 million deal with Formula 1 in June, and has partnered with Serie A in Italy and the Montreal Canadiens. Crypto exchange FTX bought naming rights to the Miami Heat’s arena on a 19-year deal worth $135 million in June and received naming rights to the field at California Memorial Stadium at the University of California in a 10-year, $17.5 m...