The Rise of Blockchain in Formula 1 – Bitcoin News Press Release
PRESS RELEASE. Formula 1 is one of the biggest sports in the world and brings together the best automotive teams who compete for the title every year. From the race tracks of Spa to the roads of Monte Carlo in Monaco, Formula 1 has become a billion dollar industry with teams and drivers enjoying a cult following all over the world.
The relationship between Formula 1 and the blockchain industry has grown in recent years. Partly because of the growing adoption of crypto and blockchain technology. Crypto.com caused a stir when it was announced as a global partner for Formula 1 in 2021. They are not alone. Binance, FTX, Velas, Bybit, Tezos and the memecoin project Floki have established partnerships within Formula 1.
The familiarity between Forumla 1 and blockchain companies demonstrates the acceleration of consumer adoption of blockchain and crypto-related products and services. Where Shell, Hewlett Packard and Coke once stood, cryptocurrency exchanges, hardware wallets and blockchain protocols are now leading the way. The success of new concepts such as NFTs has also inspired Formula 1 teams looking to increase consumer engagement through limited card collections that offer exclusive content and access to fans around the world.
Opis Group and OpiPets participated in the Monaco NFT and Swim week conference which took place during the Grand Prix weekend. As one of the oldest and most prestigious dates on the F1 calendar, Monaco has hosted a hive of blockchain-related activity.
OpiPets, a free Play-to-Earn project and sister company Opis Cloud showcased their use cases and product development with other successful projects and technology investors.
Build an innovative P2E ecosystem
Although Play-to-Earn attracted over a million users in its first two years, largely due to its promise of rewarding players with crypto and NFT ownership, it still faces a challenge. ramping up in terms of wider mainstream adoption.
Start-up costs for new players are a major barrier to widespread adoption of P2E games. Participants must spend up to one thousand dollars to get started. Many people cannot afford to test it and often consider it a risky investment. Many players are still dissatisfied after trying to recover their initial investment.
Contrary to the original idea, many so-called P2E games have moved to Pay-to-Earn. This is due to their unsustainable tokenomics which invariably causes them to abandon their original ideals.
OpiPets is one of the few projects that stands out from the popular model. It is a free P2E online game where players are rewarded with cryptocurrency and the ability to create, battle, obtain and trade their own NFT OpiPet characters.
OpiPets uses the P2E concept and aims to give the community real ownership of produced assets and digital economies and new ways to generate revenue.
Further developments on the horizon
The Opipets The team continued to work tirelessly to significantly lower the barriers to adoption that limit the popularity of blockchain games. It also plans to launch its game in the third quarter of 2022. The game is expected to include exciting features and products for users to explore its ecosystem and acquire new assets.
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