Silks Brings Thoroughbred Horse Racing to The Metaverse With The Help of Tropical Racing

by
Metaverse
Silks Brings Thoroughbred Horse Racing to The Metaverse With The Help of Tropical Racing

The Metaverse is one of the hottest technology verticals today. Powered by cryptocurrency and blockchain technology, users will access various personalized experiences and forms of entertainment. Silks sees it as an opportunity to digitize thoroughbred horse racing and secure $2 million to make it happen. 

More Metaverse Use Cases With Silks

The Metaverse offers tremendous opportunities for business, social, and entertainment activities. Various mainstream companies pay close attention to these proceedings, including Meta, Nike, Google, etc. For the sports industry, the future virtual world may be a catalyst for global participation, either for financial reasons or otherwise. In addition, bringing horse racing into the mix can introduce new opportunities and set an example for other sports to follow. 

In the US alone, the horse racing industry is valued at $39 billion and represents 1.4 million jobs. Bringing that industry into the Metaverse enhances the appeal of horse racing, the breeding of horses, and the economic incentives that arise from them. Silks intends to make the breeding of thoroughbred racehorses and their real-life performance more accessible to investors.

Silks Co-founder Troy Levy states:

“The transaction announced today with Game of Silks represents a unique opportunity for Tropical Racing and our shareholders. We’re optimistic that this partnership has the potential to accelerate Tropical’s growth, while also introducing the thoroughbred horse racing industry to the next generation of sporting enthusiasts.”

Troy Levy is the CEO of Tropical Racing, which has invested $2 million in Silks. Moreover, The Tropical Racing horses will be digitally tokenized on the blockchain to bring thoroughbred horse racing to Metaverse enthusiasts. Every NFT tracks real-world horses’ bloodlines, training progress, breeding, and racing performance. NFT holders will earn rewards based on performance and can own, trade, or interact with various in-game NFTs emulating the horse racing industry. 

A New Frontier For Tropical Racing

Being the lead strategic investor in the Silks ecosystem marks a new milestone for Tropical Racing. The company runs a 200-acre horse farm, specializing in breeding, racing, and syndication of thoroughbred racehorses. Investing $2 million in a new Metaverse project will bring more exposure to the farm and paves the way for mixing real-world dynamics with Web3 technology. Moreover, the company offers deep industry expertise a valuable network of partners to the Silks ecosystem.

Furthermore, Metaverse projects need to gain legitimacy. Having the backing of Tropical Racing ensures Silks gains momentum from within the industry and Metaverse communities alike. Horse racing remains an exciting sport, and a virtual approach with ties to real-world performance can bring more people into the horseracing fold. 

Silks has completed the development of its Metaverse foundation. The next step is releasing its first set of NFTs: the Silks Genesis Avatar Collection, on April 27th. Silks Avatars represent a user’s unique digital identity and in-game asset ownership. Users can obtain early access to the NFT mint via the Silks website and Discord server.

The Silks team aims to raise up to $55 million through the sale of its NFT collections. Avatars are the first non-fungible tokens to be introduced. Future collections will feature Silks Horses, Land, and Stables, all of which will enhance the overall degree of interaction in the Silks Metaverse. 

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.