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Dubai Racing Club (DRC) has announced that it will launch a one-of-a-kind NFT artwork collection in the horse racing industry that offers online and real-life benefits for owners.
Sheikh Rashid bin Dalmook Al Maktoum, Chairman of Dubai Racing Club said: “Guided by our visionary leadership, Dubai continues to support technology innovation in various fields, and today we are proud to pioneer virtual assets in the horse racing industry that offer all our fans a new way to celebrate the sport. The Non-Fungible Tokens (NFTs) that we are issuing can be utilised both in the real world and online.”
“Horse racing has always been an integral part of the DNA of Dubai, a city that is shaping a glorious future with foresight, innovation and excellence. We believe it is time for us to take the sport to a whole new level from a technological point of view. A first in the industry, the initiative that we will be launching in the upcoming season will be available to everyone,” Sheikh Rashid bin Dalmook further said.
A Non Fungible Token (NFT) is a digital asset with a unique code that represents real-world objects like artworks, music and videos that can be secured and stored on a blockchain, a distributed public ledger that records transactions.
DRC’s new NFT digital artwork collection has three categories, where the first set called the “Dubai Sprinters” which will be released with both publicly available artwork as well as limited-honorary NFTs, followed by the “Hall of Fame” and the “DWC Runners”. The “Dubai Sprinters” collection will feature exciting offers and benefits connected to the real world as well as a metaverse project the organisers of the Dubai World Cup are set to launch soon.
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The new NFT project is aligned with the Dubai government’s efforts to encourage the creation of digital assets that can add value to various sectors in the emirate. Earlier this week, Dubai launched a new strategy that seeks to increase the presence of blockchain and metaverse companies in Dubai by five times. The emirate has introduced a series of regulatory and business enablers to transform the country into a global leader in advanced digital technologies.
In recent years, NFTs have taken asset ownership to a whole new level and many users are now owners of a range of virtual assets from artwork to music videos to graphics that they have bought online using cryptocurrencies. Non-fungible tokens cannot be exchanged for another, and a token cannot be further fractionalised after they are created or ‘minted’.
Dubai Racing Club’s NFT project will be launched in the upcoming racing season at the Meydan racecourse which starts on 4 November.
