Game of Silks, a play-to-earn (P2E) metaverse that derives its value from real-world thoroughbred horse racing, has revealed the closure of a successful $2 million funding round. Alongside the fresh capital injection, the Silks team plans to raise another $55 million in the coming months through its public sale of NFTs.
Led by Game of Silks CEO and co-founder Troy Levy, Tropical Racing Inc., a multi-faceted thoroughbred horse breeding and racing company, alongside several other well-known brands, will support the Silks project financially and strategically. This successful funding round comes just days before the Kentucky Derby and the launch of Silks’ first NFT offering called the “Silks Genesis Avatar Collection” on April 27th. Interested users can obtain early access to the upcoming NFT launch by registering on the platform’s official website. Alternatively, they can also join Silks’ Discord channel to attain whitelist access for the upcoming sale.
On backing the project, Troy Levy explains, “The transaction announced today with Game of Silks represents a unique opportunity for Tropical Racing and our shareholders,” says Levy. “We’re optimistic that this partnership has the potential to accelerate Tropical’s growth, while also introducing the thoroughbred horse racing industry to the next generation of sporting enthusiasts.”
Silks is the first derivative play-to-earn (P2E) metaverse based on the real world of thoroughbred horse racing. The game’s critical components are Silks NFTs, which are digital and tokenized representations of the top real-world one-year-old thoroughbred racehorses registered in the United States. Each Silks NFT is linked with an actual horse, allowing for tracking the respective horses’ bloodlines, training progress, and racing performance in the real world. Accordingly, based on the tracked data, the owners of Silks NFTs will receive rewards and other benefits that they can use across the Game of Silks metaverse.
The play-to-earn (P2E) economy, powered by the platform’s native $STT and $STK tokens, fuels the Silks metaverse, allowing members to own, trade, and interact with a variety of in-game NFTs, earn prizes through competent games, and experience the thrill of thoroughbred horse ownership. In addition, Silks NFT owners will also be able to acquire and develop additional in-game features, including Silks Avatars, Land, and Stables, among others.
According to Game of Silks CEO and Co-founder Dan Nissanoff, “Combining real-world dynamics with Web3 technology allowed us to form the mixed-reality entertainment that differentiates the Silks venture from other NFT projects. I am excited to have a strategic investor like Tropical Racing as an early investor in our round,” says Nissanoff. “They bring deep industry expertise and a valuable network critical to the execution of a derivative metaverse project like ours.”
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