Crypto-powered, fantasy horse racing startup raises $5 million

Game of Silks, a fantasy horse racing startup that creates NFTs linked to real thoroughbreds, has raised $5 million, the company said in a statement.

Owners of Game of Silks NFTs are able to earn rewards based on the real-world performance of the horse to which their token corresponds. Launched in June 2021 and teamed up with organizations like New York Racing Association, Belmont Race Track, The Jockey Club and FOX Sports’ Americas Best Racing, the web3 fantasy sports firm has now raised more than $10 million after this most recent funding round.

The marrying of NFTs and the lucrative fantasy sports industry is nothing new. Sorare has been perhaps the most successful in terms of attracting funding and attention. The company has announced partnerships with both the English Premier League and the National Basketball Association.

Some veterans of horse racing are bullish NFTs could be a good way to spur renewed interest in one of the world’s oldest sports competitions.

'Future of horse racing'

"When we look at Game of Silks, we don't just see a game, we see a transformative platform that heralds the future of horse racing,” said Duncan Taylor, an investor in this latest funding round for Game of Silks and a senior thoroughbred consultant at long-time horse broker Taylor Made. “Investing in this round signifies more than a financial commitment, it marks our dedication to forging a partnership that will invigorate and elevate the sport to its glory days when horse racing was the largest spectator sport in the U.S.”

Game of Silks has issued more than 7,000 "Silks Genesis Avatars" NFTs which currently have a floor price of 0.08 ether ($125), according to OpenSea data.