Upcoming Thoroughbred Horse Racing Metaverse Game of Silks Closes $2 Million Funding Round

Today, the first-ever derivative play-to-earn (P2E) metaverse, Game of Silks (Silks), announced that it raised $2 million from a private fundraising event. Among the many prominent names, Game of Silks co-founder Troy Levy-led Tropical Racing Inc., a multifaceted thoroughbred horse breeding and racing company, will provide both economic and strategic support to the project.

This fresh capital injection comes just ahead of the Kentucky Derby, and the upcoming launch of the first-ever Silks Genesis Avatar Collection NFT drop on April 27, 2022. This collection features Silks NFTs, the most critical components of the Silks metaverse, representing the user’s unique on-chain identity and ownership of in-game assets. Interested users can obtain early access to the Silks Genesis Avatar Mint by registering through the official website or gain whitelist access by joining Silks’ Discord channel.

Silks co-founder Troy Levy states, “The transaction announced today with Game of Silks represents a unique opportunity for Tropical Racing and our shareholders,” says Levy. “We’re optimistic that this partnership has the potential to accelerate Tropical’s growth, while also introducing the thoroughbred horse racing industry to the next generation of sporting enthusiasts.”

The First “True” Derivative NFT Game

The US thoroughbred horse racing industry is enormous, counting over 30,000 races a year and more than 50 million people wagering more than $11 billion across these races. However, owning a thoroughbred horse is extremely expensive. To overcome this reality, Silks NFTs has built a metaverse that connects real-world horses with on-chain features, inviting anyone to participate and benefit from the racing world through its platform and tokenization model. With Silks NFTs, anyone can virtually own a thoroughbred horse at a fraction of the cost they would otherwise pay in the outside world.

Founded in June 2021, Silks is the first true NFT derivative game that leverages the best features of blockchain, Web3, and the Metaverse to bridge the real-world thoroughbred horse racing industry with the digital economy. The platform’s in-game economy, powered by $SLK and $STT tokens, unique Silks NFTs, and a built-in DAO (decentralized autonomous organization), unlock several potential revenue streams for users.

All Silks NFTs digitally replicate and tokenize the top real-world one-year-old thoroughbred racehorses registered in the United States. Accordingly, each Silks NFT tracks their real-world counterparts’ bloodlines, training progress, and race career progression, rewarding NFT owners with valuable rewards and in-game assets as the linked real-world horses win races and breed offspring. Additionally, all Silks metaverse users will also be able to own, trade, and interact with a wide variety of in-game NFTs, including  Silks Avatars, Land, Stables, and much more.

Dan Nissanoff, CEO and Co-Founder of Game of Silks, believes that combining real-world dynamics with Web3 technology has helped the team create a mixed-reality entertainment that separates them from other P2E NFT initiatives. He concludes, “I am excited to have a strategic investor like Tropical Racing as an early investor in our round. They bring deep industry expertise and a valuable network critical to the execution of a derivative metaverse project like ours.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.