The costs involved with real-life horse ownership make it an impractical dream for many, but what if there were a much cheaper alternative? Although not comparable to the real thing, NFT fantasy horse racing has managed to find a small, but enthusiastic following of a digitally-literate crowd who enjoy the strategy, thrill and investment opportunities of the game.
What Are NFT Horse Racing Games?
Put simply, NFT-based fantasy horse racing games are digital simulations of horse racing where each horse is represented by an NFT – an individually verifiable digital asset stored on the blockchain. Unlike the NFT artwork (that popped up in the news regularly a few years ago), these racing NFTs are not merely cosmetic; they come with distinct attributes such as speed, stamina, bloodline, breed type, and rarity. Players can buy, sell, breed, and race their horses in prize-paying virtual races/tournaments.
Unlike traditional video games where characters/assets are controlled by the game publisher, NFT horses are owned by the players themselves. This means players can transfer/trade their digital racehorses on the playing platform or other marketplaces. At the time of writing, there are over 600,000 items for sale within the Zed (discussed shortly) collection on NFT marketplace OpenSea.
Leading Platforms
Among the leading names in this space was Zed Run, a name likely inspired by Red Rum, launched in 2019. It was one of the pioneers of the NFT horse racing concept, allowing users to purchase digital horses, each with unique genetics and performance stats. Recently, the company behind it entered a brand new chapter called Zed Champions, with the Zed Run game discontinued. With users simply moving from Zed Run to Zed Champions, this brand remains one of the top players in fantasy horse racing.
Other notable platforms include Photo Finish Live and Stables. Each platform offers a slightly different gameplay loop and economic model, but all centre on the principles of NFT ownership and the excitement of competitive racing. On top of this you have the likes of Pegaxy: Blaze and xkRace, formerly known as DeRace.
Why Players are Involved
Currently, NFT horse racing only appeals to a very small crowd, partly due to the massive collapse of the NFT market since 2022. Still, there is enough activity to enable players to race and sell their horses, potentially even making some money in the process. This ability to breed and sell the highest-performing runners is why most people play the game. Those purely interested in simulated horse races are likely to find better-looking and more immersive options within the video game market.
That said, fantasy horse racing is not purely viewed as a potential investment opportunity. The strategic elements of the games, such as bloodline analysis, race condition preferences, training and race boosts, create an engaging experience. These mean that races are not purely down to luck, as player actions can impact outcomes, and this provides a more meaningful aspect to horse ownership. There is usually an element of skill-based match-making in these games too, which keeps contests competitive and enhances the overall experience for all.
Social Aspect
The social aspect of NFT fantasy horse racing should not be overlooked. Streamed races on Twitch, Discord communities, and online leaderboards have transformed what might seem like a solitary digital activity into a shared, competitive experience. Zed Run’s discord channel (ZED Champions) has over 31,000 members while its Twitch stream has 8.3k followers. Similarly, Photo Finish LIVE has over 28,000 members on its Discord channel. Such games tend to have a considerable following on Telegram too, given the platform’s popularity among crypto/NFT enthusiasts.
Challenges and Future Outlook
The fantasy horse racing NFT genre faces several challenges, some of which are unavoidable. Market volatility falls into the latter category as the value of NFT horses and in-game rewards can fluctuate dramatically based on broader crypto trends. Top sale prices of Zed horses are already down significantly compared to what they were towards the end of 2024, for example.
There is also the argument that these games are far more akin to the kind of crypto gambling that you’d find in a bit casino than they are to skill-based competition, which is how they are generally advertised. Outcomes are partially randomised and/or heavily influenced by spending power. This, combined with limited regulatory scrutiny, means these games lack the transparency and fairness you would get with more established forms of online crypto gambling.
The Future of NFT Horse Racing
Fantasy NFT games are relatively new but we have already seen some names collapse even in this short window. Game of Silks, despite raising $5m in funding, is no longer operational and is now subject to a class action lawsuit following its demise. There is simply not enough demand to support a wide range of competitors and opportunities for significant growth appear slim to non-existent unless NFTs enjoy a highly unexpected resurgence.
However, the fantasy horse racing concept continues to live on and if enough people play it, it can continue to survive. While we do not expect it to boom and become anywhere near mainstream, it may be able to sustain itself as a niche interest. However, if numbers begin to slide and trading volume drops, this may well spell the end of this genre of NFT gaming.
Conclusion
NFT-based fantasy horse racing games offer an interesting look at how traditional hobbies can be reimagined through digital innovation. By blending the thrill of racing with blockchain-enabled ownership and earning mechanics, these games provide players with a unique combination of entertainment and opportunity. Opportunities are limited, though, as these games only have a small following, with no platform boasting impressive trading numbers or membership. This is very much a niche interest and this will likely remain the case, if indeed it is to survive into the future at all.
