Dubai Racing Club to launch NFT artwork collection

The horse racing industry has always been integral to Dubai, and guess what, it has now been integrated into the digital world too.

The Dubai Racing Club (DRC) has announced that it will launch a one-of-a-kind NFT artwork collection in the horse racing industry.

According to the Dubai Media Office, there are three categories in DRC’s new collection of digital artwork – Dubai Sprinters, Hall of Fame and DWC Runners.

ICYMI: Dubai Racing Club NFTs are coming!https://t.co/Fe7SzrXZy8#racingdubai ? pic.twitter.com/EpWpsfU0RE

— Dubai Racing Club (@RacingDubai) July 21, 2022

A Non-Fungible Token (NFT) represents real-world objects like artworks, music, and videos through a unique code that can be secured and stored in a blockchain.

NFT collectors purchase the digital file and ownership rights for the art, while art collectors buy physical pieces of art.

Sheikh Rashid bin Dalmook Al Maktoum, chairman of Dubai Racing Club said: “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 NFTs that we are issuing can be utilised both in the real world and online.”

“ 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 racing season on 4 November, will be available to everyone,” he added.

Sheikh Rashid bin Dalmook Al Maktoum, Chairman of Dubai Racing Club said: 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. pic.twitter.com/IdaSkK85Fn

— Dubai Media Office (@DXBMediaOffice) July 21, 2022

Earlier this week, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council announced the launch of the Dubai Metaverse Strategy on July 18.

Read: Dubai’s new metaverse strategy to create 40,000 virtual jobs