Algorand (CCC:ALGO-USD) may have just become the cryptocurrency face of drone racing. The Drone Racing League (DRL) and metaverse game developer Playground Labs selected the Algorand blockchain as the host of its first play-to-earn drone game. Consequently, Algorand price predictions are running hot today as crypto bulls ponder the future of the growing sport.
How exactly does the ALGO crypto tie in with drone racing?
The DRL has stated the current concept will see players racing DRL drones while earning cryptocurrency and non-fungible tokens (NFTs). While DRL manufactures and runs real-life drone races, the game will presumably consist of virtual drones. The digital rewards will be facilitated through Algorand, as a clear progression in the metaverse concept.
This isn’t the first association between Algorand and the DRL, either. In September, New York-based DRL inked a $100 million sponsorship deal with Algorand, beginning in its sixth season. DRL has grown substantially over its now seven-year existence. It has earned media deals with NBC Universal and Twitter (NYSE:TWTR), and a number of high profile sponsorships, including with the Air Force. It seems drone racing and Algorand are a match made in heaven.
ALGO is up more than 2% to $1.77 per coin so far today. Let’s see what the experts think about the crypto’s future potential.
Algorand Price Predictions: Where Will ALGO Go Next?
- Coin Price Forecast predicts the ALGO crypto will nearly double to $3 by the middle of this year. It has year-end price targets of $3.85 and $4.48 for 2022 and 2023, respectively.
- CryptoNewsZ feels similarly about Algorand’s potential, albeit a bit more conservatively. The site predicts the coin will settle between $2.35 and $2.60 this year for a minimum 149.68% upside. In 2023, it predicts the coin will modestly rise to around $2.70 but stipulates a range between $2.40 and $3.10.
- Wallet Investor is unabashedly bullish on ALGO. It has one-year forecast of $2.88 per coin and a five-year price target of $7.79.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.