Markets Daily Crypto Roundup: Fly-to-Earn and Blockchain Empowerment for Drone Pilots

Episode: Crypto Update | Fly-to-Earn: How Spexi Empowers Drone Pilots With Blockchain
Host: Jen Senasi, CoinDesk
Release Date: December 18, 2024

Introduction

In this episode of Markets Daily Crypto Roundup, CoinDesk host Jen Senasi delves into the burgeoning intersection of blockchain technology and drone piloting with Spexi CEO Bill Lakeland. As the crypto markets experience unprecedented momentum heading into 2025, Lakeland shares insights on how Spexi is leveraging blockchain to revolutionize the drone industry through their innovative Fly-to-Earn model.

Bitcoin's Momentum and Market Stabilization

The episode opens with Jen acknowledging Bitcoin's new all-time highs and inquires about Bill's perspective on the cryptocurrency's rapid ascent.

Jen Senasi [01:50]: "Bitcoin hit new all time highs again. I got to ask you, what are you watching? What are you making of this insane momentum that keeps building as we head to 2025?"

Bill Lakeland [02:05]: "I'm trying to remain calm and do what I do best, which is building a business. I'm seeing a real sort of stabilization happening right now... we're looking to decentralize our technology kind of into a less choppy kind of crypto environment."

Lakeland emphasizes the importance of market stability for scaling Spexi’s technology, highlighting Bitcoin and Ethereum as benchmarks alongside emerging decentralized projects in AI and compute protocols.

Successful Series A Fundraising Amid Shifting Investor Sentiment

Jen shifts the conversation to Spexi's recent achievements, notably their $11.5 million Series A funding round.

Jen Senasi [02:51]: "I know you just raised $11.5 million Series A round. Does their sentiment feel different as we head into what seems like it's going to be a very bullish 2025?"

Bill Lakeland [03:15]: "There's definitely a transition. Cautious optimism is definitely occurring right now... We closed right at the point where we're seeing solid guardrails and tracks to align with crypto moving in 2025."

Lakeland discusses the challenges of raising funds during uncertain times, particularly during the summer before elections. The successful closure of the Series A round signifies strong investor confidence in Spexi's ability to provide valuable data through their global image layer, supporting advanced AI applications.

The Deepin Narrative and Its Future Trajectory

The conversation transitions to the broader Deepin (decentralized infrastructure) narrative, a significant theme in the crypto space.

Jen Senasi [04:29]: "Let's talk about Deepin... How are investors or the VCs looking at it and how do you expect it to progress over the next 12, 18 months?"

Bill Lakeland [04:53]: "Blockchain is here to stay... enabling real businesses to scale faster... When we wrap this blockchain layer around it, we can actually scale like you've never seen before."

Lakeland highlights how decentralized infrastructures empower businesses to accelerate their networks, fostering community ownership and meaningful contributions. He underscores Spexi’s role in this ecosystem by integrating blockchain to enhance scalability and efficiency, setting the stage for significant advancements in the next year.

Introducing the Fly-to-Earn Model

A substantial portion of the discussion revolves around Spexi's unique Fly-to-Earn initiative, designed to incentivize drone pilots through blockchain rewards.

Jen Senasi [06:42]: "You're building this Fly-to-Earn network. Is that like, you do something and you earn a token?"

Bill Lakeland [06:58]: "Fly to Earn really speaks to what it is. They're literally flying the drone and being able to earn... Fly to Earn for us is our incentive model that rewards drone enthusiasts and pilots to collect imagery through automated missions."

The Fly-to-Earn model allows drone pilots to earn tokens by participating in automated missions that involve capturing high-resolution imagery. This approach not only motivates pilots to engage with Spexi’s network but also enhances data collection efficiency across urban areas.

Operational Workflow and Proof of Capture

Lakeland elaborates on the operational mechanics of the Fly-to-Earn system, emphasizing the integration of blockchain for data authentication.

Bill Lakeland [08:08]: "Pilots will complete missions with our software controlling the drone... After the flights, they upload the data, it goes through our proof of capture blockchain system to authenticate, and they essentially get paid."

The process ensures data integrity through proof of capture, where each mission's data is authenticated on the blockchain. This guarantees that the imagery collected is reliable and meets the required standards, facilitating seamless transactions and rewards for pilots.

Targeted Buyers and Solving Data Acquisition Challenges

Addressing the demand side, Lakeland identifies the primary buyers of the high-resolution imagery captured by Spexi’s drone network.

Bill Lakeland [09:28]: "The buyers are mostly governments, large enterprises... cities want to monitor change... We're able to fly at a higher resolution than satellites and airplanes... task pilots in an on-demand way to update smaller areas very, very quickly."

By providing more frequent and higher-resolution data than traditional satellite imagery, Spexi meets the needs of various sectors such as urban planning, environmental monitoring, and infrastructure management. This capability allows clients to receive timely and precise data, enhancing their operational effectiveness.

Earnings and Pilot Participation

In discussing the financial incentives for drone pilots, Lakeland shares impressive figures that highlight the earning potential within the Spexi ecosystem.

Bill Lakeland [10:29]: "There are pilots that are earning over $500 a day doing this type of work currently... Pilots can collect 100 of these a day, if they're really good and efficient."

Pilots participating in Spexi's network have the opportunity to earn substantial income by efficiently completing missions. With over 50,000 drone flights executed since the beta launch, the program demonstrates its viability and attractiveness to drone enthusiasts looking to monetize their passion.

Future Prospects and Enhanced Utility

Looking ahead, Lakeland outlines plans to further integrate blockchain functionalities to enhance pilot experience and system utility.

Bill Lakeland [08:08]: "We're converting earnings into a token this next summer... There will be opportunities to reserve and stake in the future... gamification processes to make it fun and exciting."

The transition to a token-based reward system aims to provide additional benefits such as staking and reserving, creating a more engaging and value-added experience for pilots. This evolution is expected to foster greater participation and loyalty within the Spexi community.

Conclusion

As the crypto market continues to surge, Spexi under Bill Lakeland’s leadership exemplifies the innovative fusion of blockchain technology and practical applications like drone piloting. The Fly-to-Earn model not only incentivizes drone enthusiasts but also addresses critical data acquisition needs for various industries. With successful fundraising, a robust operational framework, and significant earning potential for participants, Spexi is well-positioned to contribute meaningfully to the decentralized infrastructure landscape in 2025 and beyond.

Jen Senasi thanks Bill Lakeland for his insights, and the episode concludes with an invitation for listeners to engage with Markets Daily across various platforms.

Notable Quotes:

• Bill Lakeland [02:05]: "When we wrap this blockchain layer around it, we can actually scale like you've never seen before."
• Bill Lakeland [03:15]: "Cautious optimism is definitely occurring right now... we're seeing solid guardrails and tracks to align with crypto moving in 2025."
• Bill Lakeland [04:53]: "When we wrap this blockchain layer around it, we can actually scale like you've never seen before."
• Bill Lakeland [06:58]: "Fly to Earn for us is our incentive model that rewards drone enthusiasts and pilots to collect imagery."
• Bill Lakeland [09:28]: "We're able to fly at a higher resolution than satellites and airplanes... task pilots in an on-demand way to update smaller areas very, very quickly."
• Bill Lakeland [10:29]: "Pilots can collect 100 of these a day, if they're really good and efficient."

This comprehensive summary encapsulates the key discussions and insights from the podcast episode, providing a clear understanding of how Spexi is leveraging blockchain to empower drone pilots through its innovative Fly-to-Earn model.