Crypto-powered, fantasy horse racing startup raises $5 million

Sport of Silks, a fantasy horse racing startup that creates NFTs linked to actual thoroughbreds, has raised $5 million, the corporate stated in an announcement.

Homeowners of Sport of Silks NFTs are in a position to earn rewards primarily based on the real-world efficiency of the horse to which their token corresponds. Launched in June 2021 and teamed up with organizations like New York Racing Affiliation, Belmont Race Observe, The Jockey Membership and FOX Sports activities’ Americas Greatest Racing, the web3 fantasy sports activities agency has now raised greater than $10 million after this most up-to-date funding spherical.

The marrying of NFTs and the profitable fantasy sports activities trade is nothing new. Sorare has been maybe essentially the most profitable when it comes to attracting funding and a focus. The corporate has introduced partnerships with each the English Premier League and the Nationwide Basketball Affiliation.

Some veterans of horse racing are bullish NFTs may very well be a great way to spur renewed curiosity in one of many world’s oldest sports activities competitions.

‘Way forward for horse racing’

“After we take a look at Sport of Silks, we do not simply see a sport, we see a transformative platform that heralds the way forward for horse racing,” stated Duncan Taylor, an investor on this newest funding spherical for Sport of Silks and a senior thoroughbred advisor at long-time horse dealer Taylor Made. “Investing on this spherical signifies greater than a monetary dedication, it marks our dedication to forging a partnership that may invigorate and elevate the game to its glory days when horse racing was the most important spectator sport within the U.S.”

Sport of Silks has issued greater than 7,000 “Silks Genesis Avatars” NFTs which at present have a flooring worth of 0.08 ether ($125), in line with OpenSea information.