Gary McFarlane
Silks NFTs are leading the new wave of non-fungible tokens (NFTs) focused on providing their owners with real utility, and its first race horses are available to buy from Thursday 29th September.
If you are on the look out for a quality crypto project with real pedigree, then Silks has to be right up there. There is no better time to get involved.
You will first need to nab an NFT avatar and then take the opportunity to buy a race horse at the reduced price of $500 for the four days from 29th September to 2nd October.
Silks is a thoroughbred NFT project
Silks is the brainchild of horse-racing entrepreneur Troy Levy. He is the co-founder of Silks and CEO of the horse-racing partnership Tropical Racing, which own Circle 8 Farms of Lexington, Kentucky.
As you would imagine then, the team at Silks know their horse-racing inside out, so they are the perfect fit for bringing the skill and jeopardy of the “sport of kings” to an even bigger audience by utilising Web3 and the metaverse, as we explain below.
By applying blockchain technology to the gaming space, and horse-racing in particular, it enablers players own, trade, and earn rewards from thoroughbred racing horses that are representatives of the actual real-world horse.
Virtual horses reflect the real-world of racing – and potentially the billion of dollars that represents
Each ‘virtual horse’ leverages NFT technology so that all the individual traits that make it unique can be replicated securely online.
The equine industry is very big business, and Silks will be accessing an industry worth $300 billion, according to the Equine Business Association.
As such, the value of the virtual horse is tied to the real-world performance of the horse, which means that the exact same skills that are required in horse-racing are required in order to gain rewards in Silks.
But more than this, the project takes full advantage of what is developing as the next iteration of the internet, namely the metaverse, which can deliver an immersive online experience for users.
Silks also acts as a base layer for both NFT Land (virtual real estate) and premium horse-racing projects, providing the ecosystem with an extensible and value-rich business model.
Trade your in-game horse-racing assets in the Silks Marketplace
Bringing this all together, imagine a world in which you can buy virtual real estate (Land), build your own stable, breed your own horses and earn rewards from their racing exploits – and all of those in-game assets are fully tradeable through the Silks marketplace.
The NFT approach to monetization carries through into the horses themselves. Silks mirrors the real-world activity of the industry around Yearlings, for example, with new pools of horses minted annually for this important part of the horse-racing season.
With Tropical Racing and Circle 8 Farms as strategic partners, it is probably no exaggeration to say that Silks has likely cornered the market for fantasy sports horse-racing in the play-to-earn NFT space, providing the platform with a huge value proposition.
Get Your Silk Avatar on Open Sea to be ready for the horse mint
There are 20,000 thoroughbred horses born each year in the U.S. alone and Silks tracks their lifecycle through its NFT-powered tokenization and the game’s users can pocket the rewards that derive from the real-world racing performance.
Silks sounds like it has a winning formula so demand for the NFTs is expected to be fierce.
Everyone with a racing Avatar can take part in the minting, which starts on Thursday 29th September.
You can buy Silks Avatars on NFT marketplace leader OpenSea’s website. The floor price is currently 0.16 ETH.
It is no exaggeration to say that Silks could be one of the hottest NFT projects of the year with a play-to-earn offering that looks highly likely to secure a following both from lovers of horse-racing and a wider audience that wants in on the action.
Silk NFT Video Analysis
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This article was written for Business 2 Community by Gary McFarlane.
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