“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,” Sheikh Rashid bin Dalmook Al-Maktoum, Chairman of DRC, said.
Sheikh Rashid continued: “The Non-Fungible Tokens (NFTs) that we are issuing can be utilized both in the real world and online.
“Horse racing has always been an integral part of the DNA of Dubai, a city that is shaping a glorious future with foresight, innovation and excellence. We believe it is time for us to take the sport to a whole new level from a technological point of view.
“A first in the industry, the initiative that we will be launching in the upcoming season will be available to everyone,” he added.
The first set, the “Dubai Sprinters,” which will be released with both publicly available artwork and limited-honorary NFTs, is followed by the “Hall of Fame” and the “DWC Runners” in DRC's new collection of NFT digital artwork.
The Dubai Sprinters collection will include exciting deals and benefits related to the real world in addition to a metaverse project that the Dubai World Cup organizers plan to debut soon.
The new NFT project is in line with the Dubai government's initiatives to support the development of digital assets that can enhance various sectors in the UAE.
Dubai unveiled a new strategy earlier this week with the goal of tripling the number of blockchain and metaverse businesses operating in the city.
The UAE has implemented a series of business and regulatory enablers to make the nation a world leader in cutting-edge digital technologies.
In recent years, NFTs have taken asset ownership to a whole new level and many users now possess a variety of virtual assets, including music videos, artwork, and graphics, which they have purchased online with cryptocurrencies.
Non-fungible tokens cannot be traded for one another, and once they have been created or “minted,” they cannot be further fractionalized.
The NFT project from Dubai Racing Club will debut during the upcoming racing season at Meydan Racecourse, which starts on November 4.