The horse racing industry has ballooned to an astonishing $300 billion globally—and now NFT-backed horse ownership platform Crown Ribbon is bringing that value onto the blockchain.

Crown Ribbon enables users to buy and own NFT shares of a racehorse syndicate that maps to a specific horse, or to a collection of horses. The introduction of blockchain technology will increase efficiencies in the “notoriously slow and monotonous” equine industry, according to a statement from Crown Ribbon accompanying its launch announcement.

In particular, NFTs will enable holders to trace and transfer ownership and authentication rights over their shares easily, and bring these valuable assets on-chain.