Dubai Racing Club launches NFT art collection

Dubai Racing Club has announced the launch of a one-of-a-kind NFT art collection in the racing industry that offers online and real-life benefits to owners.

Non-Fungible Token (NFT) is a digital asset with a unique code representing real objects such as artwork, music and videos that can be secured and stored in a blockchain – a distributed public ledger that records transactions.

Sheikh Rashid bin Dalmuk Al Maktoum, chairman of the Dubai Racing Club, said: “Guided by our visionary leadership, Dubai continues to support technological innovation in various areas and today we are proud to have pioneered virtual assets in the racing industry that offer all our fans a new way to celebrate the sport. The Non-Fungible Tokens we issue can be used in the real world as well as online.”

“Racing has always been an integral part of the DNA of Dubai, a city that is shaping a glorious future through vision, innovation and excellence. We believe the time has come to take the sport to a whole new level from a technological perspective.” For the first time in the industry, the initiative that we will be launching in the upcoming season will be accessible to everyone,” Sheikh Rashid Bin Dalmuk further said.

Sheikh Rashid bin Dalmuk Al Maktoum, chairman of the Dubai Racing Club

Dubai Racing Club’s new NFT digital art collection consists of three categories, where the first set is called ‘Dubai Sprinters’, which will be released with both public artworks and limited edition honourable NFTs, followed by ‘Hall of Fame’ and ‘DWC Runners’. The Dubai Sprinters collection will feature exciting offers and benefits related to the real world as well as the metaverse project that the organisers of the Dubai World Cup are set to launch in the near future.

The new NFT project is in line with the Dubai government’s efforts to encourage the creation of digital assets that can add value to various sectors of the emirate’s economy. Earlier this week, Dubai launched a new strategy that aims to increase the presence of blockchain and meta-companies in Dubai five-fold. The emirate has introduced a number of regulatory and business aids to turn the country into a global leader in advanced digital technology.

In recent years, NFTs have taken asset ownership to a whole new level, with many users now owning a range of virtual assets – from artwork to music videos to graphics – that they have bought online using cryptocurrencies. Unbreakable tokens cannot be exchanged for others, and tokens are not subject to further crushing once created or ‘minted’.

The NFT Dubai Racing Club project will be launched during the upcoming racing season at Meydan Racecourse, which begins on November 4.

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