Edited NYRA Staff Release – NYRA Bets Holding, LLC, a subsidiary of NYRA Bets, LLC (NYRA Bets), the official online wagering platform of the New York Racing Association, Inc., (NYRA), and Game of Silks (Silks), the online game connected to the real world of thoroughbred horse racing, today announced a new partnership resulting in NYRA Bets Holding, LLC acquiring a minority equity ownership position in Silks. In addition to this strategic investment, the partnership establishes Silks as the Official Blockchain Game and Metaverse Partner of NYRA.
Game of Silks launched in April 2022 with a mission to democratize thoroughbred racehorse ownership by delivering a groundbreaking experience to a new generation of tech-driven sports and gaming enthusiasts via the blockchain. The landmark agreement between NYRA and Silks will enable the global horse racing industry to capitalize on the rapid growth of Web3 gaming through the Game of Silks, a top 10 sports-themed NFT platform on the Ethereum blockchain which boasts a community of more than 25,000 members.
The Game of Silks metaverse is powered by a play-to-earn gaming economy that parallels the IRL U.S. thoroughbred racing economy. To enter the game, players are required to purchase a non-fungible token (NFT) in the form of a unique racing silk, which represents their identity throughout the metaverse and appears virtually on their horses, stables and other digital in-game assets they own. Each year, Game of Silks tokenizes the annual breeding crop of around 20,000 thoroughbreds and transforms these horses into digital in-game assets which are then sold to Silks players. Silks horse owners receive valuable rewards pegged to real-world prize purses when their corresponding horse wins a race. They also receive valuable rewards when the real-world counterparts of their horses breed.
“This is a monumental deal matching NYRA with the fastest-growing metaverse sports game in the space,” said Dan Nissanoff, Founder & CEO of Game of Silks. “We clearly see the vast potential that Web3 gaming and the metaverse have to offer horse racing, and this partnership will allow the sport to build an unprecedented interactive virtual experience that can attract millions of new fans.”
Game of Silks allows participants to acquire, collect, trade and interact with digital assets which represent actual thoroughbreds that can have productive racing and breeding careers spanning their 20 year lives. This creates unprecedented long-term utility for these in-game NFT-based assets. Beyond the racetrack, the Game of Silks ecosystem provides an opportunity for players to purchase a variety of NFTs including parcels of land for the development of racing and breeding farms, stables and other racing-related digital assets to support the Silks ecosystem.
“Game of Silks presents its players with a fascinating and entertaining challenge by gamifying racehorse ownership in a completely new way,” said Dave O’Rourke, NYRA President & CEO. “Silks captures the evolution of fan engagement and appeals to both the seasoned horseplayer and complete newcomer, which is exactly why NYRA seized the opportunity to enter this partnership. NYRA is committed to educating our fans about the Silks platform to grow the game and ultimately increase horse racing’s fan base.”
NYRA will utilize America’s Day at the Races and Saratoga Live, the acclaimed national television shows produced by NYRA and broadcast on the networks of FOX Sports, to provide Silks owners with the latest news, data and information on the Silks metaverse.
Moving forward, Silks aims to build interactive digital replicas of the sport’s most historic and important racetracks. In addition, NYRA’s position as the operator of Saratoga Race Course, Belmont Park and Aqueduct Racetrack will now accelerate the creation of digital versions of New York’s premium racing venues in the Silks metaverse