Horse racing is one of the oldest sports in the world, but throughout its history, it advanced to a point where we’ve seen many different versions of the sport that share the same principles as the real thing, but they are completely different.
Such a trend is digital horse racing. Digital horse racing is one of the fastest-rising trends ever seen in the crypto world, and it is made by combining the latest blockchain technology and video games.
Digital horse racing allows you to own and race a horse digitally without going through the hustle of taking care of one, building a stable, hiring a trainer, and more, as you can see in the latest horse racing news.
Let’s find out more about digital horse racing and how it compares to the real thing.
Digital Horse Racing
Digital Horse Racing is based on an NFT (non-fungible token) principle where people can own a horse by purchasing a horse that comes in a form of an NFT. Digital horse racing provides you a chance to own a racehorse or even breed your own thoroughbred without being a millionaire in real life.
But in order to understand digital horse racing, you need to learn the basics of NFTs. NFTs are digital collectibles on the blockchain that are typically bought with cryptocurrencies such as Ethereum or Solana.
After purchasing an NFT, only you hold the rights to the digital collectible, in this case, the horse, and you can sell it or use it as a character in a game.
The NFT market reached a record high number in revenue in the past year with millions of dollars spent on NFTs. When it comes to Zed Run, the creators behind digital horse racing, there are different NFT horses you can purchase ranging from common, to rare and super rare. The most expensive NFT horse was purchased for $125,000 which is more than some real-world racehorses cost.
Each NFT has its own characteristics categorized in genotype, breed, bloodline, gender, and coat color making more than 90,000 possible combinations. The rarer characteristics your horse has the more valuable it is and you are more likely to win a race.
How Does the Racing Work?
Once you purchase a horse NFT you get a chance to race that horse and claim rewards in a digital horse racing game. This game allows you to race your horse every day of the week using web 3.0 technology such as blockchain and cryptocurrency.
Race entry fees cost significantly less compared to real-world horse racing and they are anywhere from $2-$15 depending on the type of race.
In order to race your horse, you have to go to zed.run, and log in. Once you create an account you have to connect your digital wallet where your NFTs are stored. Next, you can go to the racing tab and select events.
You can see all the events that are happening throughout the day and choose which one you’ll be participating in. Once you choose a race and a horse all you need to do is hit run and the entire process is automated.
You can actually earn money by having a digital horse where you can obtain 60% of the prize pool for first place, 25% for second place, and 15% for third place.
As your horse wins more races, its value also increases, just like in real life, and you can also profit from selling your horse on the NFT marketplace.
This new digital horse racing trend allows you to experience the world of horse racing without spending thousands of dollars on a real horse, trainer, and racing fees. With the NFT space booming at the moment, we expect to see a rise in popularity of this trend in the next couple of months, and maybe grow to a point where we’ll have big racing events like the Belmont Stakes that will take place in the digital world.