Horse Racing Metaverse Expands with Start-up NFT Farms
Oly Sport, a Canadian Metaverse start-up, is wanting to build their entire foundations around horse racing in addition to trade and own NFT thoroughbreds. The virtual stables experience will then house the virtual horses and digitally feed them and raise them to full age. Oly Sport had made a recent announcement that they would accommodate a fundraising movement that will fundraise $2 million, equating to the company value of approximately $20 million. With support from the blockchain, focus funds such as X21, Genblock and Everse Capital, are anticipating a lot of buzz and of course support.
ZED Run, which is another very popular NFT horse racing establishment, has found great buzz and crowd following the success of their thus far foundation. Additionally, the studio has also recently partnered with other companies related within the field of horse racing, such as the Melbourne Cup, amongst other horse racing tournaments within the region of Australia.
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Oly Sport has seen much inspiration from other NFT bodies; however, their focus is a little bit different in regards to the target audience in terms of cryptocurrency investors and such. Especially when looking at the development of virtual land ownership, this idea is relatively new and very fresh on the market as of yet, so there is so much potential to play with here and Oly Sports is pretty much getting started with the momentum of their vision. Jimmy Chan, the co-founder of the entity, has said that this vision of theirs could actually move towards producing special food for the horses, For the NFT horse to perform well in the virtual aspect of things, it will be essential to feed it, spend time with it, nurture it, and basically mimic the same responsibilities that come with real horses.
NFT horses will need to benefit from your care, to ensure that they have what it takes when it comes to winning races and trigger the priye funds that come with the participation of the metaverse NFT races. Chan has mentioned how he believes that the virtual land people set up can be expanded in value and provide a comeback benefit to those that own them. Players could essentially set up businesses in regard to the hosting farmland for other players to raise and take care of their horses-there is great promise of business acumen here. Especially if a NFT parcel is held on the land of the game itself, it can become a collectible that will also provide residual income, just by owning it. The revenue that is promised from this is exponential and players should notice the potential now, during the earlier days, before traffic is hugely extensive in popularity.
Oly Sport’s concept is enticing because their assets within the digital realm also do tie up to world real estate too, meaning that it could be possible to acquire some land assets within Toronto, where the company is actually based. Oly Sports wishes to acquire more real-world spaces that spread across 6 continents, so that the game has more dense value attached to it, which allows it to be set up as a contender before things really get started. The official launch date of Oly and all its features is late December, and their marketing advances have shown to be a great success thus far, as subscription mailing lists and beyond have shown great promise and engagement.
While the concept of having NFT land is not necessarily a new thing, it is still proving most popular. Multiple plots online have sold for at least $1 million dollars over Axie Infinity, in addition to the decentralised platform seeing over $81 million alone within the space of a year. This equates to 90,000 plots capped. ZED Run is another prominent entity that has managed to hold events for the same purpose, and therefore sold multiple plots to dedicated users.
Chan believes that the entry of the horse racing metaverse makes a great unique offering to the market-especially due to the popularity within Southeast Asia in particular. This obviously relates heavily around the fact that there is a heavy usage and popularity of cryptocurrency of course. Unlike ZED Run, what makes Oly sport unique is that they will run their own tokens called $OLY, which will exist just as many other cryptocurrencies on the market, such as Ethereum for example. Oly Sport is set to make new records for a niche that is still yet to be fully explored.
