Fly-to-Earn Innovation Soars with $11.5M Spexi Funding Round

The post Fly-to-Earn Innovation Soars with $11.5M Spexi Funding Round appeared first on Coinpedia Fintech News

Fly-to-Earn (F2E), a new and upcoming incentive model that rewards users to participate in flight activities, has gained significant traction in the cryptocurrency industry in the recent past. The rising popularity of real-world assets tokenization (RWA) and the gamiFi industry in the recent past has attracted more institutional investors seeking to diversify their crypto portfolios.

As of this writing, the RWA space had a market cap of about $19 billion whilst the gamiFi sector had a valuation of about $22.7 billion. With the ongoing mainstream adoption of blockchain technology and web3 protocols, the F2E is expected to grow exponentially in the coming years.

Closer Look at the F2E Space

The concept of Fly-to-Earn has heavily leaned to the virtual reality realm including the gaming and simulation industry compared to the actual reality. For instance, the Microsoft Flight Simulator 2024 enables players to earn in-game currency and other virtual rewards by completing missions and flights. 

A similar model has been incorporated by some blockchain and cryptocurrency-focused companies to turn virtual flying into an earning opportunity. For instance, BlockAirGame has been developing an F2E model where users can win different crypto assets led by Polygon (POL) through playing flight-related games.

In the real world, several startups have focused on the F2E industry. For instance, Satoshi Airlines, introduced the Fly to Earn app, where air travel is combined with blockchain technology to reward users. 

Earlier this month, Spexi, a growing standardized ultra-high resolution drone imagery network, raised $11.5 million in a series A funding round led by BlockChange ventures to expand its services globally.