October 12, 2023

Crypto-Powered Horse Racing Startup Game of Skills Raises $5 Mln

Horse Racing

Horse Racing

Game of Silks, a startup that offers a fantasy horse racing platform, has recently raised $5 million in funding, bringing its total funding to over $10 million since its launch in 2021.

The platform allows users to purchase NFTs and earn rewards based on the performance of the corresponding horse in real-world horse racing competitions. Veterans in the horse racing industry are excited about the potential of NFTs to increase interest in one of the oldest sports competitions.

According to OpenSea data, Game of Silks has issued more than 7,000 Silks Genesis Avatars NFTs, which are currently priced at 0.08 ether ($125) each.

Through its partnerships with organizations such as the New York Racing Association, Belmont Race Track, The Jockey Club, and FOX Sports’ Americas Best Racing, Game of Silks offers NFT owners the opportunity to earn rewards based on the actual performance of the horse that corresponds to their token.

According to blockchain intelligence firm Messari, the cryptocurrency industry saw a significant decline in fundraising during the third quarter of 2021. This period marked a three-year low with crypto companies raising just under $2.1 billion through 297 deals. This is the lowest amount raised and the fewest number of deals since the fourth quarter of 2020. In contrast, the first quarter of 2022 saw the industry’s peak, with over $17.5 billion raised through more than 900 deals.

In the third quarter, gaming remained a popular sector and raised $249 million across 33 deals. Chain infrastructure attracted the highest funds and grabbed a combined $387 million across 21 deals, which accounted for 18% of the total deal value. Decentralized finance followed with 68 deals raising more than $180 million.

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