Oly Sport, a Toronto-based blockchain startup, has secured $2 million in strategic funding to bring horse racing, NFTs, blockchain, and real estate together into a metaverse.
The funding round was led by BSCStation with participation from X21, Everse Capital, Genblock Capital, Redkite, Halvings Capital, Basics Capital, Reblock, Onebit Ventures, BV Capital, G. Crypto, ZBS Capital, and VBC Ventures.
The capital will allow Oly Sport to run its Initial Dex Offering (IDO) on November the 2nd and 6th via BSCstation and GameFi respectively. The team behind the project expects to launch the platform later in December of 2021.
The Oly Sport metaverse will allow its users to acquire virtual horses represented by NFT tokens, allowing them to race and care for them in a manner reminiscent of real life. In addition to this, the platform makes use of virtual real estate that is backed by real land, adding an extra layer of value to it as owners can earn interest from it. Jimmy Chan, Oly Sport Co-Founder and CEO, said about this approach:
“What humanity does in the next 10-20 years will determine the survival of our species. Ideas like Oly Sport’s metaverse will unify the global finance and real estate market – creating a common ground for people to relate, connect, and work together to solve global challenges.”
With NFTs continuing to gain popularity around the world, they have grown to represent a $10.7 billion industry, according to Reuters. What started as a means to represent digital collectibles for a niche group of crypto enthusiasts is now being applied to industries like real estate, gambling, insurance, music, and more.
By combining NFTs with the $180 billion gaming market, as well as hybrid real estate and a unique approach to horses, Oly Sport is aiming to become a disrupting force in the market. With the COVID19 pandemic leading people to transition to virtual-based entertainment like eSports, the startup could very well become a popular replacement to traditional horse racing in the near future.