Digital Derby: NFTs and the Future of Collectibles in Horse Racing

We live in quite interesting times where not just money is going digital, but also age-old sports like horse racing are anticipating technological advancements. Blockchain technology brought many new innovative ways we can interact with digital assets, and this opened the gate of NFTs or non-fungible tokens.

A few years ago, NFTs were popular to the point where people were spending millions of dollars on JPEG images, which is quite shocking. However, as the dust settled, NFTs were still present but not quite as relevant.

Even though we’ve heard a lot of statements that NFTs are ‘dead’ or ‘thing of the past’ this is not true. The technology is still here, and it has the potential to revolutionize industries. Just because a picture isn’t worth a million doesn’t mean that the technology should be canceled. 

In fact, many sports including horse racing are entering the NFT and blockchain space. NFTs are not just collectibles as they can also be used in games. 

This is a game changer, especially for the horse racing industry since we get to try it ourselves. It was impossible for the average horse racing fan to own a racehorse, but with the power of NFTs, fans are much more involved in the sport.

If we add betting to the mixture we’ll have an exact replica of horse racing, only on the internet.

Nonetheless, the odds in virtual horse racing aren’t the same as the Breeders’ Cup odds, since the outcome is determined from different factors.

In today’s article, we will take a look at how non-fungible tokens (NFTs) revolutionized the horse racing industry and what can we expect in the future.

How NFTs are Used in Horse Racing?

Despite the fuss and huge price drops in the NFT industry, we cannot deny their impact on various industries, including horse racing. NFTs opened the digital door for the sport and introduced to us virtual horse racing.

The horse racing industry, which is quite traditional, is looking to innovate by linking actual horses with NFTs owned by fans.

This combination of NFTs and sports isn’t new. Sports like basketball, with platforms like NBA Top Shot, were among the first to integrate NFTs in the United States, and this trend has since spread to other sports including horse racing, football, and baseball.

Understanding digital horse racing involves understanding NFTs. An NFT, or non-fungible token, is essentially a unique digital asset. 

Unlike conventional art buyers who purchase physical art, NFT collectors buy the digital version and the associated ownership rights. Transactions involving NFTs typically use cryptocurrencies like Bitcoin and Ethereum, and the prices of NFTs can be exceptionally high.

Their main use is in a video game simulation, where owners of NFTs can actually race their horses and get an idea of what is like to become a racehorse owner.

These NFTs are more than just images. For starters each NFT has its own unique traits making each horse different. On top of that, you can not only race your NFT horse but also sell the breeding rights and earn money. 

It is essentially an entire horse racing scene only digital.

One key element should not be forgotten. This is not a slot machine that is based on luck (even though luck plays an important role). The outcome of the races is determined by observing many different factors, horses’ NFT traits, abilities, and more. – Just like in real-world horse racing.

Can You Make Money With NFTs?

Unlike traditional methods where NFTs are usually profited from by selling, digital racehorses offer a real-time earning potential by participating in an unlimited number of races.

The short answer is yes! You can make money with horse racing NFTs but don’t expect to become the next Elon Musk. 

In the domain of virtual horse racing, there are many different ways to earn money, including racing, breeding, or flipping your NFTs. 

With racing, every participant pays an entry fee and the top finishers split the prize pool. 

When it comes to breeding, if you have a unique NFT, you can sell your breeding rights and make money out of your NFT. This is quite interesting and it is very similar to real-world horse breeding. 

Best NFT Horse Racing Projects

ZED Run

ZED Run stands as a pioneering horse racing game rooted in futuristic blockchain technology, enabling users to engage in continuous activities such as owning, trading, breeding, and racing horses at any time. 

It boasts a robust participation, with thousands of stable owners actively involved in over 3,000 dynamic user-created races, captivating millions through extensive streaming services. Globally recognized, ZED RUN has cemented its place as a premier NFT game, flourishing on the Polygon platform.

Omni Horse

Embarking on a revolutionary journey, OmniHorse, initiated by AMO Racing Club, emerges as the inaugural marketplace devoted to thoroughbred horse NFTs. 

Positioned as a trailblazer, this multidimensional enterprise aims to redefine racehorse ownership by harnessing the transformative potentials of Web3 technology and innovative multimedia approaches, thereby broadening accessibility and introducing groundbreaking ownership models in the realm of horse racing.

The Future of Horse Racing NFTs

Currently, the NFT landscape in horse racing is predominantly characterized by gaming and simulated races. Nevertheless, the encompassing potential of NFT technology is poised to redefine and expand the contours of horse racing in multifarious dimensions.

Despite the passage of time since NFTs’ inception, there remains a vast expanse of unexplored technological potential. Yet, this vast realm of possibilities continually fuels imaginative speculation and ideation. 

NFT technology has a diverse array of applications; envision, for instance, a Kentucky Derby ticket metamorphosing into an NFT, transmuting instantly into a prized collectible. Such NFTs could unveil a spectrum of exclusive opportunities—entry into the Winner’s Circle, privileged access to autographs, or admission to the Kentucky Museum.

NFTs, thus, bear the capacity to intertwine with tangible events, augmenting not just the spectacle of horse racing, but also amplifying fan engagement and interaction with the sport. 

They could also be ingeniously linked with the actual earnings of athletes. Consider the possibility of real horses being represented as NFTs, with the subsequent revenue being proportionally allocated and distributed.

The trajectory of NFTs within horse racing seems luminous and promising, with the winds of innovation ready to rejuvenate and modernize this venerable sport, aligning it more congruently with the vibrancy and dynamism of the 21st century.