An NFT (non-fungible token) artwork collection by Dubai Racing Club (DRC) is set for launch, the club said in an announcement.
The art collection is part of the club’s efforts to combine digital and physical realms and also to place the horse racing industry as a growing sector in the market. The launch comes amid a slew of NFT announcements in the region as Dubai looks to become a hub for Web3 technologies.
Horse racing is an “integral part of the DNA of Dubai,” according to Dubai Racing Club Chairman Sheikh Rashid bin Dalmook Al Maktoum, and the club believes that it is time to take the sport to a “whole new level from a technological point of view.”
“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.”
Divided into three categories titled Dubai Sprinters, Hall of Fame and DWC runners, the NFT artwork collection will offer utility benefits to owners, online and in real life.
Al Maktoum added that this collection is “a first in the industry,” and will be available to everyone in the upcoming season.
Of the three NFTs, the first set to be released will be Dubai Sprinters, and will be sold with offers and benefits connected to the real world, according to a statement from DRC.
In addition, a metaverse project by the organisers of the Dubai World Cup is also set for launch. The project will be unveiled during the racing season starting November 4, at the Meydan Racecourse.
The new NFT project is in line with the emirate’s efforts to encourage digital assets which could contribute to various sectors of the national economy.
Earlier this week, Dubai launched a new strategy that aims to strengthen blockchain and metaverse companies in Dubai and significantly increase the sector’s contribution to growth and GDP.
The emirate has also introduced a series of regulatory and business enablers to transform the country into a global leader in advanced digital technologies, the statement read.
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