International sports betting and gambling company – Entain – plans to invest $133 million to establish a global innovation lab focused on entertainment experiences in the Metaverse. Specifically, the company intends to fund start-ups and develop applications for non-fungible tokens (NFTs).
Entain Diving in The Metaverse
In a recent interview for CNBC, Entain’s Chief Executive Officer – Jette Nygaard- Andersen – said the firm’s innovation hub will be called Ennovate. Partners in the initiative are companies like the American telecommunications conglomerate – Verizon, the British telecom entity – BT, and the decentralized video delivery network – Theta Labs. Ennovate is expected to see the light of day in March this year.
The CEO noted that her company is willing to lead the way in the industry with “new, exciting products and experience for customers.” She added that the organization’s “cutting-edge technology” allows it to establish innovations in sport, gaming, and entertainment experiences for the Metaverse. As part of the effort, Ennovate will test the newest products in two retail zones or virtual reality (VR) arcades.
Entain, formerly known as GVC Holdings, is one of the leading companies in its field. It is listed on the London Stock Exchange and is part of the FTSE 100 Index. It owns brands like Ladbrokes, Sportingbet, bwin, Coral, and PartyPoker.
Being headquartered in London and having a lot of influence in the United Kingdom, Entain will distribute more than $50 million of its overall investment in the British market.
Who Else Finds The Metaverse Intriguing?
The digital environment that uses virtual reality, blockchain, and concepts from social media has quickly emerged as an attractive niche for many individuals and companies.
Earlier this month, the giant store chain – Walmart – filed documents with local regulators to enter the space. The firm will enable its users to shop for electronics, home decorations, personal care products, and many other items by reviewing the merchandise via the Metaverse.
A few weeks later, the team behind the popular memecoin Shiba Inu revealed it is heading towards a Metaverse project of its own, dubbed Shiberse. The project is expected to be “an immersive experience for the ecosystem.”
Subsequently, one of the leading Metaverse platforms – The Sandbox – partnered with Warner Music Group (WMG).
WMG’s Chief Digital Officer – Oana Ruxandra – said her firm acquired “ESTATE,” which will act as a portal for the artists to appear in the Metaverse. Furthermore, the company will “develop persistent, immersive social music experiences that defy real-world limitations” and enable performers and fans to engage like never before.