NFT Horse Racing: The Next Big Thing?
What’s one sport you think about when you think about sports betting? The first sport that probably popped into your mind is horse racing. Betting on horse racing matches is popular among many people, with some winning or losing a lot of money.
Do you know what else is popular, especially now? NFTs, or non-fungible tokens. What do you get when you combine these two popular things? You may either get something that’ll flop or be the next big thing.
What is an NFT?
If you have no idea what an NFT is, it stands for non-fungible token. What does “non-fungible” mean exactly?
Think of it this way. Bitcoin, a currency the online casino NetBet would accept, is fungible. You trade a bitcoin for another bitcoin like the one you had.
An NFT is non-fungible, like a rare trading card. You’ll most likely get a completely different trading card if you trade that rare trading card. NFTs are the same way.
At the highest level, an NFT would be a part of an Ethereum blockchain; Ethereum is a cryptocurrency like Bitcoin. Ethereum stores extra information from an NFT that differentiates it from an ETH coin.
Though NFTs can be anything digital, most NFTs are digital images. Many NFTs are sold at high prices, some even costing millions of dollars. However, like many other digital things, you can right-click an NFT and download it onto your computer. The downloaded quality is almost, if not as good as the original NFT.
So, What Do NFTs Have to Do With Horse Racing?
Much like NFTs, horse racing has a lot of money. However, with the rise of NFTs, you can buy, breed, and race your thoroughbred without becoming a multimillionaire.
Digital horse racing has become one of the fastest-growing trends in cryptocurrency due to people wanting to feel the thrill of becoming a horse trainer without owning an actual horse.
You can buy horse racing NFTs with cryptocurrencies, but some NFTs cost hundreds of thousands of dollars. What makes a digital horse that valuable?
Horses are categorized by bloodlines, genotypes, breeds, genders, and coat colors. This can result in over 900,000 potential combinations. The rarer the characteristic, the more valuable the horse is and the more likely it is to win.
Are Horse Racing NFTs Like Video Games?
Well, yes, but actually, no. You win a video game by skill; you win a digital horse race by chance. That doesn’t make the race itself completely random.
Your buy-in can cost up to $50, depending on the race. You then set the odds based on the horses’ attributes and past results to ensure a fair lineup. Then, an algorithm simulates 10,000 races once the real one starts, but the algorithm will choose only one outcome.
You can earn money by winning an unlimited amount of digital horse races in real-time. If your horse wins a high percentage of its financially-backed races, you’ll make a profit. Unlike real horse races, digital horse races don’t deal with old age, illnesses, or injuries.
Two of the biggest things recently, horse racing and NFTs, have combined themselves to make digital horse racing. This could either flop or become the next big thing.