Friday, June 2, 2023

Horse Racing on Metaverse by Silks


Silks sees a chance to digitize thoroughbred horse racing and has set aside $2 million to do so.

One of today’s hottest technological verticals is the Metaverse. Users will be able to enjoy a variety of personalized experiences and kinds of entertainment thanks to cryptocurrencies and blockchain technologies.

Silks in the Metaverse: More Use Cases

The Metaverse provides a plethora of business, social, and leisure prospects. Various mainstream corporations, such as Meta, Nike, and Google, pay special attention to these events.

The future virtual world could be a spur for global participation in sports, whether for financial or other reasons. Adding horse racing to the mix can also open up new possibilities and set a precedent for other sports to follow.

The horse racing industry in the United States is worth $39 billion and employs 1.4 million people. Bringing the industry into the Metaverse increases the attractiveness of horse racing, horse breeding, and the financial incentives that come with it. Silks aim to make thoroughbred racehorse breeding and real-world performance more accessible to investors.

Troy Levy, a co-founder of Silks, issued a statement. He stated that the deal with Game of Silks announced today is a once-in-a-lifetime chance for Tropical Racing and its stockholders. They believe this collaboration has the potential to drive Tropical’s growth. At the same time, the thoroughbred horse racing sector is introduced to the next generation of sports fans.

Tropical Racing, which has invested $2 million in Silks, is led by Troy Levy. Tropical Racing horses will also digitally tokenize on the blockchain, bringing thoroughbred horse racing to Metaverse fans. Every NFT keeps track of the bloodlines, training progress, breeding, and racing results of real-world horses.

NFT holders will reward based on their performance. They will be able to own, trade, and engage with a variety of in-game NFTs modeled after the horse racing industry.

Tropical Racing’s New Frontier

Tropical Racing has reached a new milestone as the leading strategic investor in the Silks ecosystem. The company owns and operates a 200-acre horse farm that specializes in thoroughbred racehorse breeding, racing, and syndication. Investing $2 million in a new Metaverse project will increase the farm’s visibility and pave the road for real-world dynamics to combine with Web3 technology. Furthermore, the company contributes to the Silks ecosystem through extensive industry expertise and a valuable network of partners.

Furthermore, Metaverse projects must establish credibility. Silks will acquire traction from both the industry and the Metaverse communities thanks to Tropical Racing’s support. Horse racing is still a thrilling sport, and a virtual approach based on real-world performance can help more people become involved.

Silks has completed its Metaverse foundation development. The Silks Genesis Avatar Collection, the company’s first set of NFTs, will release on April 27th. Silks Avatars represent a user’s digital identity and ownership of in-game assets. The Silks website and Discord server provide early access to the NFT mint.

Through the sale of its NFT collections, the Silks team hopes to garner up to $55 million. The first non-fungible tokens to introduce are avatars. Silks Horses, Land, and Stables will include in future collections, all of which will increase the total level of engagement in the Silks Metaverse.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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