Game of Silks Raises $5 Million in Funding for Fantasy Horse Racing NFTs
Fantasy horse racing startup Game of Silks has announced that it has raised $5 million in funding. The company creates non-fungible tokens (NFTs) that are linked to real thoroughbred horses. Owners of these NFTs can earn rewards based on the performance of the corresponding horse in the real world.
Game of Silks was launched in June 2021 and has formed partnerships with organizations such as the New York Racing Association, Belmont Race Track, The Jockey Club, and FOX Sports’ Americas Best Racing. With this latest funding round, the web3 fantasy sports firm has now raised over $10 million.
NFTs and Fantasy Sports Industry
The combination of NFTs and the lucrative fantasy sports industry is not new. Companies like Sorare have been successful in attracting funding and attention by partnering with major sports leagues such as the English Premier League and the National Basketball Association.
Renewed Interest in Horse Racing
Some experts believe that NFTs could help generate renewed interest in horse racing, one of the oldest sports competitions in the world. Duncan Taylor, an investor in Game of Silks and a senior thoroughbred consultant at Taylor Made, sees the platform as a transformative force for horse racing. He believes that investing in Game of Silks signifies a commitment to revitalizing the sport and bringing it back to its glory days when it was the largest spectator sport in the U.S.
Game of Silks NFTs
Game of Silks has issued more than 7,000 “Silks Genesis Avatars” NFTs. These NFTs currently have a floor price of 0.08 ether ($125) according to OpenSea data.
Hot Take: NFTs Revolutionizing the Horse Racing Industry
NFTs have the potential to revolutionize the horse racing industry by bringing in a new wave of interest and engagement. Game of Silks is at the forefront of this movement, offering a fantasy sports platform that combines the excitement of horse racing with the digital collectible world of NFTs. With their innovative approach and partnerships with major racing organizations, Game of Silks is positioning itself as a transformative force in the sport. As more people discover the unique rewards and experiences offered by NFT-based horse racing, we can expect a resurgence of interest in this timeless competition.
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