The Dubai Racing Club (DRC) has confirmed plans to launch the first bespoke Non-Fungible Tokens (NFT) artwork collection for the horse racing industry with online advantages and real-life benefits. DRC’s new NFT artwork collection will have three categories, the first of which is the Dubai Sprinters, which will be released with both publicly available artwork and limited-honorary NFTs, followed by the Hall of Fame and the DWC Runners. With Dubai Sprinters, the organizers of the Dubai World Cup will offer exciting offers and benefits that are connected to the real world as well as a Metaverse project.
As part of Dubai’s efforts to enhance various sectors in the emirate, the NFT project is aligned with Dubai’s digital asset initiative. As part of its new strategy launched earlier this week, Dubai aims to increase blockchain and Metaverse company presence in Dubai by five times over the next few years. In order to transform the country into a global leader in advanced digital technologies, the emirate has introduced a series of regulatory and business enablers.
Using cryptocurrencies, users now own a wide range of virtual assets including artwork, music videos, and graphics that they bought online. NFTs have taken asset ownership to a whole new level. A non-fungible token cannot be exchanged for another, and a token cannot be fractionalized after it is minted. On 4th November, Dubai Racing Club will launch its NFT project at the Meydan racecourse.