Silks Secures $2 Million Funding To Develop The First-Ever Thoroughbred Horse Racing Metaverse
Game of Silks (Silks), the first-of-its-kind derivative play-to-earn (P2E) metaverse featuring derivative NFTs, has successfully secured $2 million in funding. This fresh capital injection comes just weeks ahead of the Kentucky Derby and the upcoming launch of Silk’s first NFT collection. Tropical Racing Inc., a premier thoroughbred horse breeding and racing company, is among the many companies offering strategic and financial support to the Silks project.
Troy Levy, the CEO of Tropical Racing Inc. and the co-founder of Game of Silks, explains, “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.”
The Silks team is also preparing to launch its first-ever NFT offering called the Silks Genesis Avatar Collection on April 27, 2022. Silks Avatars will represent a user’s unique identity and ownership of their in-game assets within the Silks metaverse, making them a critical component of the Silks ecosystem. Users can gain early access to Silks Genesis Avatar Mint via the Silks website or obtain whitelist access through Silks Discord prior to the sale.
Thoroughbred Horse Racing Arrives In The Metaverse
At its core, Silks is an immersive, skill-based, and innovative P2E game that aims to promote racehorse ownership for the masses while gamifying the entire experience through NFTs, in-game rewards, and its native tokens $SLK and $STT.
Founded in June 2021, Game of Silks is a derivative blockchain-based metaverse with a native play-to-earn (P2E) economy that aims to make owning thoroughbreds and horse farms accessible to anyone. Accordingly, each Silks NFT is a tokenized clone of the top one-year-old thoroughbred racehorses registered in the United States. All Silks NFTs will be used to track the bloodlines, training progress, and racing performance of the real-world horses, rewarding NFT owners with in-game tokens and other benefits as the actual horses win races and breed offspring.
The Silks NFTs offered are organically scarce, meaning that while other projects can mint as many NFTs as they want, Silks NFTs are delimited by the number of actual horses in the real world. As a result, the Silks team can’t manipulate the market or dilute the value of circulating NFTs. Additionally, Silks also includes its own DAO (decentralized autonomous organization), thus ensuring that all of the revenue is shared with the community members.
Highlighting the support from a premier thoroughbred horse breeding and racing company Tropical Racing Inc., Game of Silks CEO and Co-Founder Dan Nissanoff notes, “I am excited to have a strategic investor like Tropical Racing as an early investor in our round…They bring deep industry expertise and a valuable network critical to the execution of a derivative metaverse project like ours.”