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Entain will look into expanding its worldwide reach into a new realm. The gaming company has joined the non-fungible token (NFT) and Metaverse crazes.
Entain is now tackling the Metaverse. Which defines broadly as a virtual environment that combines virtual and physical spaces, as well as virtual economy.
Ennovate, the company’s innovation center, has been established to investigate upcoming technology. Entain will now engage with numerous commercial partners and companies to enter the Metaverse. Which came after an initial investment of $134 million.
“We want to lead the way with innovative and exciting products and experiences for customers, as well as use our cutting-edge technology to pioneer advances in sports, gaming, and interactive entertainment for the Metaverse,” stated Entain CEO Jette Nygaard-Andersen.
According to a company release, the goal is to become a “global leader in inventive entertainment.” Ennovate will investigate virtual and augmented reality, non-fungible tokens (NFTs), and other topics. Entain wants to pioneer virtual reality (VR) “multi-sport club” experiences in the future, as well as VR arcades.
While no timetable for implementation has been established, numerous initiatives are scheduled to be launched this year. One of these is a new No-Fee Tournament (NFT) option for Entain’s PartyPoker brand. The NFTs will power through Theta Labs, a decentralized platform. Entain describes these as “iconic video moments and tournament patterns” throughout PartyPoker’s history.
More joint efforts are on the way.
Entain will open a new research facility in London’s Charterhouse Square, possibly as a nod to future integration with social media. Moreover, this lab would be near Snapchat and TikTok’s UK offices.
The center, which is to open in the spring, will be a hands-on laboratory. Furthermore, it will include a “Experience Zone” where investors, partners, staff, and even customers will be able to test out immersive experiences.