OpiPets: The Rise of Blockchain in Formula 1

OpiPets: The Rise of Blockchain in Formula 1 press release

PRESS RELEASE.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.

  Tags in this story Formula 1, OpiPets

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Bitcoin.com Media

Bitcoin.com is the premier source for everything crypto-related. Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options. Legend Animator from Japan to Launch Identity Defining NFT Brand “BOSO Tokyo” PRESS RELEASE | 7 mins ago Crypto Lending Company Blockfi Cuts Staff by 20% NEWS | 2 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: DOGE, SOL Hit 1-Year Lows as Cryptos Crash Next articleLawsuit Accuses Binance US of Selling Unregistered Securities, False Advertising Terra UST as ‘Safe’ More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin