Crown Ribbon is Shaking Up the $300B Horse Racing Industry With NFTs

NFT

The horse racing business has ballooned to an astonishing $300 billion globally—and now NFT-backed horse possession platform Crown Ribbon is bringing that worth onto the blockchain.

Crown Ribbon allows customers to purchase and personal NFT shares of a racehorse syndicate that maps to a selected horse, or to a group of horses. The introduction of blockchain expertise will enhance efficiencies within the “notoriously sluggish and monotonous” equine business, in line with an announcement from Crown Ribbon accompanying its launch announcement.

Specifically, NFTs will allow holders to hint and switch possession and authentication rights over their shares simply, and convey these worthwhile belongings on-chain.

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“For a lot of racers, their horse is their most useful possession, extra worthwhile than their dwelling and automobiles,” stated Doug Leonard, CEO of fixed-rate lending protocol Hifi, which has partnered with efficiency horse business veteran Chad Beus to launch Crown Ribbon. “Tapping into that worth by conventional means isn’t an choice.”

Crown Ribbon, Leonard added, is “well-positioned to disrupt this antiquated horse racing business by blockchain expertise, by providing a brand new possession paradigm that comes with larger flexibility and tooling.”

Totally-regulated NFT possession

Crown Ribbon states that it’s regulated and clear, with the platform’s providing certified by the SEC beneath Regulation A+, making the platform compliant with SEC regulation for U.S. contributors.

And thru Hifi’s involvement with the platform, Crown Ribbon members will achieve entry to the lending protocol’s ecosystem of liquidity merchandise, a worldwide viewers, and broader DeFi composability.

“Even for the perfect racing operations, conventional monetary establishments lack the expertise and experience to underwrite these non-standard belongings,” stated Leonard. “Due to our partnership with business leaders at Crown Ribbon, Hifi beneficial properties entry to the required expertise and experience to successfully underwrite these actual world belongings.”

To study extra about Crown Ribbon and its NFT-backed horses, go to www.crownribbon.io.

For extra details about Hifi, go to hifi.finance. Observe alongside on Twitter and be part of the dialog on Discord.