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Preakness

Preakness Stakes is first horse race to make digital souvenir NFTs

Monday, May 17, 2021

Anyone who has ever wanted a personal video copy of Secretariat’s 1973 Preakness Stakes victory or a digital rendering of the race’s Woodlawn Vase — and an actual 28-inch replica of the trophy to go with it — is in luck.

The Preakness on Wednesday became the first horse racing event to put up for auction digital souvenirs known as nonfungible tokens, or NFTs. Making available 17 items ranging from full race videos to the trophy and a special Preakness horse for the digital racing game Zed Run is another way officials hope to market an old sport to a younger audience.

“Launching an NFT collection around the Preakness, something that we know is very special and has been running for 146 years, I think will help us sort of make inroads to that that younger audience,” said David Wilson, chief marketing officer of 1/ST Racing, an arm of the Stronach Group that operates the Preakness. “We’re making incredible strides, I think, to innovate within our sport, to draw in sort of a younger audience. I think with the NFT collection, we wanted to be the first within our sport to do it.”

The Preakness partnered with Zed Run and Medium Rare, the same company that did Super Bowl champion Rob Gronkowski’s NFT that sold for $1.75 million and a collection for the Golden State Warriors that went for more than $2 million total. Medium Rare co-founder Adam Richman likened the phenomenon to physical memorabilia, though instead of owning Secretariat’s saddlecloth, it’s an authenticated video of his romp to the second jewel of the Triple Crown.

“When you’re able to buy the 1973 Triple Crown winner and own that piece of history, it’s pretty iconic and pretty historic,” he said.

Some of the tokens come with real-life experiences at the 2021 Preakness, including VIP tickets, a visit to the winner’s circle and naming a race on the undercard. Some of the money from the auctions will go to the Permanently Disabled Jockeys Fund and the Thoroughbred Aftercare Alliance.