December 9, 2023

Fantasy horse racing startup Sport of Silks raised $5 million, bringing its complete funding to greater than $10 million because it started. The startup, launched in 2021, allows shoppers to purchase NFTs and earn rewards on horse racing. 

Veterans of the horse racing area are bullish on the NFT ideas which may enhance curiosity in one of many oldest sports activities competitions.

Discover out extra on crypto exploring totally different avenues within the gaming area. Meet and interact with transformative Digital Asset and Crypto enterprise leaders and buyers at Benzinga’s unique occasion: Way forward for Digital Belongings. Tickets are flying: Get yours!  

Based mostly on OpenSea knowledge, Sport of Silks has issued greater than 7,000 Silks Genesis Avatars NFTs which at present have a ground worth of 0.08 ether ($125).

NFT homeowners in Sport of Silks can earn rewards primarily based on the real-world efficiency of the horse to which their token corresponds. The corporate has partnered with organizations reminiscent of the New York Racing Affiliation, Belmont Race Monitor, The Jockey Membership and FOX Sports activities’ Americas Finest Racing.

Additionally Learn: Convergence Of AI And NFTs Is Unlocking A New Period For Gaming Trade, Says BreederDAO CEO Renz Carlo Chong

Crypto Startup Funding Hits Lows: Blockchain intelligence agency Messari knowledge indicated that the crypto winter hit third-quarter fundraising, taking it to its lowest stage in three years. Within the third quarter, crypto companies raised slightly below $2.1 billion throughout 297 offers making it the bottom on each parameters because the fourth quarter of 2020. Within the first quarter of 2022, the sector noticed its peak with nearly $17.5 billion throughout greater than 900 offers.

Learn Extra: US Crackdown On Crypto Boosts Asian Blockchain Ventures: Hong Kong VC Unveils $100M Titan Fund

Among the many most funded sectors, gaming remained well-liked because it raised $249 million throughout 33 offers. Chain infrastructure attracted the best funds because it grabbed a mixed $387 million throughout 21 offers (18% of the whole deal worth in Q3). Decentralized finance adopted with 68 offers elevating greater than $180 million.

Benzinga’s Way forward for Digital Belongings convention is scheduled for Nov. 14. Attend and study extra concerning the digital asset area attracting excessive funding ranges. The gathering is seen as pivotal for the digital belongings neighborhood. The occasion will highlight the newest tendencies, improvements, and challenges within the digital asset realm.

Learn Subsequent: What Is Hamster Race Betting? Inside The New World Of Crypto Degen Playing And The Animals Concerned

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