PRESS RELEASE. Formula One is one of the best sports in the world and brings together the best car teams that compete for the title every year. From the race tracks in Spa to the roads of Monte Carlo in Monaco, Formula One has become a multi-billion dollar industry with teams and drivers boasting a cult following around the world.
The relationship between Formula One and the blockchain industry has grown in recent years. Partly due to the growing adoption of crypto and blockchain technology. Crypto.com caused quite a stir when it was announced as a global partner of Formula One in 2021. They are not alone. Binance, FTX, Velas, Bybit, Tezos, and the Floki memecoin project have all 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 Coca-Cola once stood, cryptocurrency exchanges, hardware wallets, and blockchain protocols are now leading the way. The success of new concepts like NFT has also inspired Formula One teams looking to increase consumer engagement through limited card collections that provide 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 was home to 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 tech investors.
Building an innovative P2E ecosystem
Although Play-to-Earn has attracted more than a million users in its first two years, mainly due to its promise to reward players with cryptocurrency ownership and NFTs, it still faces an uphill climb in terms of wider general adoption.
Start-up costs for new players are a major barrier to the widespread adoption of P2E gaming. Participants must spend up to $1,000 to get started. Many people cannot afford to try it and often consider it a risky investment. Many players remain dissatisfied after trying to recoup their initial investment.
Contrary to the original idea, many so-called P2E games have become 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 apart from the popular model. It is a free to play P2E online game where players are rewarded with cryptocurrencies and the ability to create, battle, earn and trade their own NFT OpiPet characters.
OpiPets uses the P2E concept and focuses on giving the community real ownership of the assets produced and digital economies and new ways to generate income.
More developments on the horizon
The OpiPets team has 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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