Formula One is one of the greatest sports in the world and brings about the best automobile teams which compete for the title yearly. From the racing tracks in Spa to the roads of Monte Carlo in Monaco, Formula One has developed into a billion-dollar industry with teams and drivers boasting a cult following globally.
The relationship between Formula One and the blockchain industry has grown in recent years. In part due to the growing adoption of crypto and blockchain technology. Crypto.com made a significant splash when it was announced as a Global Partner of Formula One in 2021. They are not alone. Binance, FTX, Velas, Bybit, Tezos and 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, harware wallets and blockchain protocols now lead the way. The success of new concepts like NFTs has also inspired Formula One teams looking to increase consumer engagement through limited card collections that provide exclusive content and access for fans worldwide.
Opis Group and OpiPets took part 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 played home for 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 over a million users within its first two years, majorly due to its promise to reward players with crypto and NFT ownership, it is still faced with an uphill climb in terms of broader mainstream adoption.
The start-up costs for new players are a major barrier to the widespread adoption of P2E games. Participants must spend up to a thousand dollars to begin. Many people cannot afford to test it and often regard it as a risky investment. Many players are still dissatisfied after attempting to recover their initial investment.
Contrary to the original idea, many so-called P2E games have transitioned into Pay-to-Earn. This is due to their unsustainable tokenomics which invariably makes them abandon their original ideals.
OpiPets is one of the few projects that distinguishes itself from the popular model. It’s a free P2E online game in which 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 focuses on giving the community actual ownership of 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 reduce the adoption barriers that limit the popularity of blockchain games. It also plans to launch its game in Q3 2022. The game is expected to include exciting features and products for users to explore its ecosystem and acquire new assets.