It doesn’t matter that horse racing is only for wealthy people. There’s still room for a web3 initiative. Many have even discussed the possibility that blockchain technology could be used to secure the horse-racing industry. A few NFT projects took a different approach because it is difficult to establish ownership laws in the web3 environment. Using certain NFT projects, users can join IRL racecourses and jockey clubs without actually owning horses. How do they do this?
Richard Coughlan, a founding member of Omnihorse and a NFT project asset-backed with real-world racehorses, shared his views today. Richard Coughlan discussed the traditional problems that horse racing faces today and possible solutions.
Before getting his hands on NFTs, Richard had worked for Betfair, ToteSport & Sporting Data, as well as a couple of betting syndicates. Richard, an NFT user who has a background in horse racing, sees a barrier between the horse racing group and NFT groups.
“Web3 is a new technology that will revolutionize our lives. But people are resistant to it.”
Richard is from the UK, where most racing is an older generation sport.
Richard said:
“I think that combining web3 with horseracing will allow a younger public to get involved in this sport.”
In the history of horse racing, ownership has been a major factor, especially in syndicates that have segmented ownership. “However, small owners often end up with shares that are unfair, information that is not clear, votes that are not transparent, and ownerships which are difficult to transfer.”
Richard’s NFT interests lies in the linkage between the utility of a NFT and real world true ownership. Richard believes blockchain could be a great way to set up syndicates. Richard said that DAO offers the opportunity to vote, transparency in ownership percentages, and the ability to sell NFTs or transfer ownership if desired.
Kia Joorabchian developed a concept in the early 2000s that is similar to how the NFT operates today. He purchased the rights of soccer players. Kia Joorabchian, a well-known figure in UK horse racing and owner of Amo Racing, a top-tier horse racing facility in the UK, developed a concept in early 2000s that is similar to how NFT works today, which is purchasing the rights of soccer players.
Amo Racing has a relationship with Omnihorse based on the IP usage rights of Amo racehorses. Omnihorse, with exclusive IP rights from Amo Racing, can create NFTs and jockey clubs as well as other web3 content, allowing users to experience horse owner-like experiences.
Richard, an OG member praised Omnihorse for the linkage that it has between its NFT holders (non-fee holders) and racehorses.
“This is an important step in reshaping the horse racing industry.”
Users can now expect token rewards as their horses win races in the real world. “People in Omnihorse Discord Channel have a generally positive attitude. Omnihorse understands how to interact and motivate users, just like Amo Racing did in the last two decades. This is rare, considering that crypto winter is now upon us.
Richard, a NFT enthusiast and racehorse enthusiast, is optimistic regarding NFT related projects. “Projects such as Omnihorse, which require a team that has both horse racing and NFT backgrounds, are even more rare. But they manage the team in a way that users rarely complain about anything.”
In a time when horse racing is suffering from an image crisis and therefore dwindling in interest, it’s exciting for people to have their ongoing web3 project related to horseracing, potentially bringing eyeballs back to this once thrilling and prestige sport.
