Drone Racing League lands $100 million sponsor deal from Algorand
CBSN
A New York startup focused on drone racing has scored a multimillion-dollar sponsorship deal with cryptocurrency platform Algorand, a move that shines more visibility on both the tech-centric sports league and the crypto industry's growing role in sports marketing.
The deal, announced Tuesday, is worth $100 million over the next five years, officials with the Drone Racing League confirmed with CBS MoneyWatch. As part of the deal, the league will release tickets to racing events, NFTs and other fan collectibles on Algorand. Algorand will have naming rights to the drone league's championship series, according to the agreement.
The drone-racing deal will "introduce millions of technology enthusiasts to the possibilities that blockchain can bring to racing and to sports as we know them today," Algorand's CEO Steve Kokinos said in a statement.
