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by Ralph Trayfalgar Updated:
Oly Sport, a virtual horseracing platform hosted on the Metaverse, has inked a landmark partnership with crypto gambling platform Betswap.gg (BSGG), marking the first horseracing NFT game launched on the system.
Thanks to this partnership, horseracing fans will now be able to watch and bet on live races from Oly Sport on Betswap.gg without needing to buy into the Oly Sport NFT ecosystem.
The Oly Sport platform revolves around a system of NFT racehorses that players can buy, breed, and participate in races with. Oly Sport has already organised over 4,000 of these races that pit virtual racehorse owners against other gamblers in the metaverse against each other.
In November 2021, the company announced that it had raised a total of $2.3 million through the sale of tokens, and it is currently holding a tournament that will continue throughout the month of July 2022.
Jimmy Chan, Oly Sport CEO, said of the announcement: "To continue evolving and meeting the needs of our esport community, we are thrilled to announce our very first partnership with a betting platform.
"This partnership underscores our commitment to bringing the traditional horse racing industry to the metaverse."
Mavic, the pseudonym of Betswap's CEO, added: "This collaboration will address the unmet need for accessibility in the world of sports betting, especially when it comes to NFT horse racing.
We are now able to reach more users worldwide who are horse racing enthusiasts with the support, technology and community from Oly Sport."
Participation by users can be kept private and anonymous on the decentralized Betswap platform, which also features locked contracts and reduced transaction fees. Betswap's token, BSGG, is currently cross-hosted on Ethereum, Avalanche, and Fantom.
The Oly Sport platform will launch on Betswap sometime in August 2022, a critically-timed deal considering the recent crash in cryptocurrency mining.