Game Of Silks Raises $5M, Hits $10M Funding Milestone For Fantasy Horse Racing NFT Platform

Fantasy horse racing startup Game of Silks raised $5 million, bringing its total funding to more than $10 million since it began. The startup, launched in 2021, enables consumers to buy NFTs and earn rewards on horse racing. 

Veterans of the horse racing space are bullish on the NFT concepts which could increase interest in one of the oldest sports competitions.

Based on OpenSea data, Game of Silks has issued more than 7,000 Silks Genesis Avatars NFTs which currently have a floor price of 0.08 ether ($125).

NFT owners in Game of Silks can earn rewards based on the real-world performance of the horse to which their token corresponds. The company has partnered with organizations such as the New York Racing Association, Belmont Race Track, The Jockey Club and FOX Sports’ Americas Best Racing.

Blockchain intelligence firm Messari data indicated that the crypto winter hit third-quarter fundraising, taking it to its lowest level in three years. In the third quarter, crypto firms raised just under $2.1 billion across 297 deals making it the lowest on both parameters since the fourth quarter of 2020. In the first quarter of 2022, the sector saw its peak with almost $17.5 billion across more than 900 deals.

Among the most funded sectors, gaming remained popular as it raised $249 million across 33 deals. Chain infrastructure attracted the highest funds as it grabbed a combined $387 million across 21 deals (18% of the total deal value in Q3). Decentralized finance followed with 68 deals raising more than $180 million.

Produced in association with Benzinga