The crypto market has been at the receiving end of some terrible news this year – consistently and to the point where investors are left wondering where prices will go. Positive developments have been few and far between and few projects have managed to distinguish themselves in this bearish environment.
As such, when there’s a positive announcement making the rounds, investors can be sure that it is something of heavy significance. One of the most striking developments to take place this week is the fact that Silks, the popular metaverse and P2E game, has established a partnership with New York Racing Association (NYRA) and FOX Sports.
Silks Partners with NYRA and FOX Sports
Silks recently revealed that the NYRA had purchased a minority interest in Silks, one of its most significant developments since its launch. NYRA is a not-for-profit corporation that is allowed to run the three biggest tracks in the state of New York– Saratoga Race Course, Belmont Park, and Aqueduct. It has permission to run these tracks until 2033.
With the partnership, Silks becomes the official blockchain gaming and metaverse partner of NYRA and NYRA Bets. The latter is the racing association’s advance-deposit wagering platform, which is available in 30 states. The partnership will also see NYRA promote Silks to fans, which will be a huge boost to the exposure of the rapidly rising game.
It is FINALLY happening!! Game of Silks has horses available on the open market! Awesome write up on one of the more cost effective ways to enter the Silks Economy. https://t.co/tVFnYfDokf
— RVHS Bloodstock (@RVHSBloodstock) November 16, 2022
Perhaps of even more significance is the fact that FOX Sports and NYRA will jointly work to stream races in the Silks metaverse. They will also promote Silks through their games through national television shows such as “America’s Day at the Races” and “Saratoga Live”. Coupled with the fact that Silks will have a presence at NYRA’s tracks, this is set to bring a great deal of exposure to the game.
On its part, Silks will build replicas of NYRA’s tracks in its metaverse, offering America’s horse racing scene some exposure in return. The race at Saratoga is considered to be the premier race in the country and features 77 stakes that offer a total prize of $22.6 million.
Dan Nissanoff, founder and chief executive of Game of Silks, was ecstatic about the partnership, saying,
“This is a monumental deal matching NYRA Bets and FOX Sports with the fastest-growing metaverse sports game in the space. We clearly see the vast potential that Web3 gaming and the metaverse have to offer horse racing, and this partnership will allow the sport to build an unprecedented interactive virtual experience that can attract millions of new fans.”
The partnership is also set to bring great financial benefit to participants in the Silks metaverse. In 2023, owners of Silks’ NFTs will receive 1% of their real-world horse counterparts’ winnings. With this financial incentive, the number of players is expected to increase in the years to come – and the winnings themselves may also increase.
On top of NFTs representing their horses, Silks also has an NFT collection called Avatars, which represents the player in the metaverse. The Genesis Avatars sale is set to end soon and these special NFTs provide several benefits, including a lifetime mint pass for the annual Genesis Yearling Sale, exclusive experiences, giveaways, and IRL events. Once this collection is sold, there will be no more sales for them. Each avatar comes with its rarity and traits.
NYRA was founded in 1955 and generates $3 billion in annual economic impact, according to the organization. Spectatorship has also been growing, despite the COVID pandemic. 2022 saw 1.08 million viewers, up 2.7% from the year before.
The partnership is one of the biggest developments in Silks’ history, which already made splashes in the crypto community with the sale of its Silks Avatars and Yearlings. The game has several NFT collections, all of which have a use in its metaverse. Players can not only generate income from the performance of their horses but in other passive ways as well. This includes staking in the community farms.
The Future of Horse Racing is Set to Take Off
A partnership with the likes of NYRA and FOX Sports is no small feat and has all the potential to bring tremendous life into what was already a popular crypto project. The marketing potential for this project was always high, given that it mirrors the real world. A collaboration with a famous racing association and a television network like FOX Sports brings an exponentially greater amount of potential in terms of exposure.
Exposure through nationally broadcast shows and promotion of the game through one of the sport’s biggest organizations will offer tremendous value to Silks. 2023 looks like the year where Silks showcases how metaverses can be used in novel, exciting ways.
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