Pegaxy: Deconstructing NFT Horse Racing

Equestrian sports, also known as horseback riding sports, have been reserved for the elite since colonial times. The horse racing industry in the United States is expected to be worth $3.68 billion this year. Equestrian sports are frequently associated with gambling, as spectators can place bets on which horse they believe will win the race.

Nonetheless, the horse racing industry has been declining for the past five years, from a market size of more than $5 billion to less than $3.7 billion, owing primarily to dwindling public interest in the sport and in gambling, which has resulted in the many closures of race tracks.