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As the world advances and new technology are introduced, there are new opportunities for businesses to conquer. It seems like cryptocurrency and blockchain technology were one of the major leaps forward toward digitalization that impacted many industries.
One of the branches of blockchain technology is NFT (non-fungible tokens) which are digital goods that have real-world value. The value of NFTs comes from their usability, as well as a certificate of ownership where people can finally prove their ownership of digital assets.
The world of NFTs and blockchain technology opened many opportunities, especially for professional sports.
One of the sports that received the most attention for metaverse projects is horse racing.
What is Horse Racing Metaverse?
The use of blockchain technology and NFTs allows businesses to start metaverse projects that will allow users to buy, own, race, and sell digital racehorses. Since horse racing is quite an expensive sport to enter in the real world, unless you are simply betting on live racing in TwinSpires, the best way for people to experience true horse racing is by owning a digital racehorse.
NFT horse racing projects allow businesses to create digital horses that can actually be bred and trained by the people that own them. NFTs are digital collectibles (a code) that are written on the blockchain. Thanks to cryptocurrencies like Ethereum, these NFTs can leverage the power of smart contracts.
This allows people to earn money while racing their digital horses and gives them usability in the metaverse.
The NFT horse racing platform lets you purchase virtual race horses as NFTs and compete for money on the blockchain. You can breed a variety of thoroughbreds as well as buy a variety of racehorses. Your racehorses can also be sold to other owners or enthusiasts to make money.
Popular Metaverse Horse Racing Projects
Since most NFT horse racing projects received a lot of attention from the public, many businesses started building their own horse racing metaverses’.
Over the last couple of years, we’ve seen the birth of a couple of popular horse racing NFT projects, such as:
Oly Sport
A virtual world created by Olympic Sport is fundamentally changing gaming, harmonizing the financial system, and altering the concept of land ownership. Horse racing online uses non-fungible tokens (NFTs) as in-game assets and blockchain technology tokens as currency.
In addition to the racetrack, there is also a digital horse farm where players can raise horses. The owner of a digital horse farm or racetrack will receive actual real estate as compensation. This establishes the special benchmark for Oly Sport.
Omni Horse
The first nonfungible tokens (NFTs) marketplace for thoroughbred horses will be launched by AMO Racing Club.
By leveraging cutting-edge Web3 technology and cutting-edge multi-media, OmniHorse aims to provide widespread access to racehorse ownership in a novel and unprecedented way.
An NFT allows followers of their horse to track their horse throughout its life by accessing information, artifacts, and experiences.
Zed Run
Unlike other horse racing platforms, Zed Run combines horse racing with a platform where money is paid to enter races and pit one’s horse against another’s. Each horse’s characteristics are unique, so no two match each other’s.
It is called ‘breathing NFT’, meaning each horse has a DNA that is unique to him. The horses can breed, create their bloodline, and pass on their genes to other horses through breeding.
Win NFT Horse
Unlike other horse games, Win NFT Horse has an impressive economic structure that allows owners to care for their horses, and improve their stamina, stability, speed, and burst.
Participating in tasks will increase the horse’s skills, but breeding will increase the frequency of Win NFT Horses.
In addition to that, NFT holders can improve their speed, endurance, burst, and equilibrium abilities as they raise the rarity level by completing challenges.
