How Horse Racing Is Entering The World Of NFTs

Oct 28, 2022

The last decade has been filled with new tech that is designed to change the world for the better. One of the biggest new technologies that shook the world was the introduction of Bitcoin on a public decentralized ledger, which introduced to the world a new technology possibility that can be implemented in many industries.

Fast forward 5 years, and we can see the birth of the first non-fungible tokens. NFTs caused a storm of reactions in the past couple of years, and even big organizations and sporting associations started to get involved in the process.

The idea behind NFTs is that you can possibly add value to a work of digital art by making it unique and owned by a certain person.

The technology of NFTs really pushed the boundaries now offering in-game items, cosmetics, and many digital goods that are preparing us for the Metaverse.

What is NFT Horse Racing?

In the real world, horse racing is much more than watching them compete on the track. In fact, horse racing involves breeding, training, and taking care of horses and the value of the horse depends on its revenue-generating potential.

With NFT horse racing we have the same thing only digitalized. Here you can breed (mint) your own horses that come in a form of NFTs, each having specific values, attributes, and complete proof of ownership.

The transformation of horse racing to NFTs is truly mesmerizing just because it seems like NFTs were designed specifically for horse racing.

Once you mint your horse as an NFT, it gets deployed on the blockchain via smart contracts. This not only proves your ownership but also allows you to interact with your NFT and potentially race your horse.

When it comes to horse racing in the digital space, the mechanics of each game differ from project to project.

NFT Horse Racing – How Does it Work?

Now that we know the idea behind horse racing, let’s see how the process works just because it can be confusing for some people.

Depending on the type of game or platform you choose, there are different elements of every NFT horse racing project.

The most common things we see across all projects are:

  • Ownable horses with unique traits
  • Plots of digital land where horses can race and be trained
  • Prize pools for winning races

NFT horse racing works the same as real-world horse racing only it is digital. For example, some platforms require you to take care of your horse by giving it food (tokens) to boost its stats or take care of your stable by purchasing additional NFTs that can later be sold.

Each horse has unique metadata such as genotype, coat color, bloodline, and more. On top of that, we have competitive attributes that give each horse a different chance to win a race.

Participating in online horse races requires you to enter an entry fee, and the prize money is divided between the winners.

 Just like in the real world, even if you have a good horse NFT, you may lose a race if you have the wrong attributes for the race. Plus this opens the opportunity for gambling, similar to real-life events such as the Breeders’ Cup Classic betting.

In the past couple of years, we’ve seen a couple of successful NFT horse racing projects such as:

  • Zed Run
  • DeRace
  • OlySport

The obvious leader in this industry is Zed Run, just because of their simple structure where horses can be raised to race and races take place every hour every day of the year.

We’ve seen a huge spike in people interested in NFT horse racing over the past couple of years, just because it gives them an opportunity to own horses and earn money from the process without investing thousands of dollars.

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