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 particular horse, or to a group of horses. The introduction of blockchain expertise will enhance efficiencies within the “notoriously gradual and monotonous” equine business, in line with a press release from Crown Ribbon accompanying its launch announcement.
Particularly, NFTs will allow holders to hint and switch possession and authentication rights over their shares simply, and produce these worthwhile belongings on-chain.
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“For a lot of racers, their horse is their Most worthy possession, extra worthwhile than their dwelling and autos,” mentioned 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 underneath 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 one of the best racing operations, conventional monetary establishments lack the expertise and experience to underwrite these non-standard belongings,” mentioned Leonard. “Due to our partnership with business leaders at Crown Ribbon, Hifi features 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.