Entain, a global sports betting and gambling company, plans to invest $133 million in a global research center focused on Metaverse entertainment. The company intends to help new businesses get off the ground and develop uses for non-fungible tokens in particular (NFTs). Entain’s CEO, Jette Nygaard-Andersen, recently informed CNBC that the company’s innovation center would be named Ennovate. Verizon, a telecoms powerhouse located in the United States, BT, a British telecom corporation, and Theta Labs, a decentralized video distribution network among the initiative’s participants. Ennovate is set to hit stores in March of this year.
According to the CEO, the company is determined to be at the top of the market with “new, interesting products and experiences for clients.” Nygaard-Andersen went on to explain that the company’s “cutting-edge technology” enables it to build new Metaverse sports, gaming, and entertainment experiences. Ennovate will test the latest goods in two virtual reality arcades as part of the effort.
Entain, formerly known as GVC Holdings, is the industry’s market leader. It is a component of the London Stock Exchange’s FTSE 100 Index. Its brands include Ladbrokes, bwin, Sportingbet, PartyPoker, and Coral.
Who Else Finds The Metaverse Intriguing?
Many individuals and organizations have turned to the digital world, including virtual reality, blockchain, and social media ideas.
Walmart, the world’s largest retailer, applied to join the market with local officials earlier this month. Users will be able to buy gadgets, home décor, personal care products, and various other commodities by evaluating them in the Metaverse.
The designers of the popular meme coin Shiba Inu stated a few weeks later that they were working on Shiberse, their Metaverse project. “An ecosystem-immersive experience” is expected from the project.
As a result, The Sandbox, one of the most popular Metaverse sites, teamed with Warner Music Group (WMG).
Oana Ruxandra, WMG’s Chief Digital Officer, said that her company has purchased “ESTATE,” which will serve as a doorway for artists to emerge in the Metaverse. In addition, the business will “create persistent, immersive social music experiences that defy real-world limits” and allow musicians and fans to interact in ways they have never done before. Cryptocurrency and sports betting companies are seeing an increase in the number of partnerships and investments. Sports betting with cryptocurrency typically allows for much faster withdrawals than are possible when using traditional currencies.