Entain shows interest in the Metaverse, NFTs and Virtual Reality

Entain has announced the opening of its Enovate innovation center, which will be used to explore emerging areas and work with global, European and UK partners. Funded by a £100-million ($134 million) investment, this hub will investigate non-fungible tokens (NFT), virtual reality and augmented reality. This reflects Entain's desire to be a global leader in innovative entertainment.

PartyPoker will lead the launch of the NFTs across all brands. This includes the development of a pioneering VR multi-sports club experience and high-street VR arcades. PartyPoker's NFTs, powered by Theta Labs, are designed to highlight 'iconic video moments' and tournament trends from the site's past.

Entain CEO Jette Nygaard–Andersen stated, "We want to lead the way with new, exciting products and experiences for customers and use our cutting-edge technology to pioneer innovations in sport, gaming and interactive entertainment for the metaverse."

Entain will open a laboratory in Charterhouse Square in Farringdon, London, in support of Enovate. It is located near the UK headquarters for TikTok and Snapchat. Here, the innovation team can work with the commercial and non-profit partners.

The lab will include an "Experience Zone," which allows customers, investors and partners to experience immersive experiences while also helping coordinate work on products for a metaverse.

The institution also offers an incubator and accelerator program. The former invests £5-million ($6.72 million) in individual innovative initiatives. However, the operator emphasizes that startups focusing on an immersive experience, interactive entertainment and the metaverse will be eligible to participate.

Entain's Chief Operating Officer, Sandeep Tiku, added, "Our goal is to bring the most exciting experiences in immersive sport, gaming and interactive entertainment to life as the metaverse takes shape. Working with partners, we believe we can achieve great things faster, both for customers and to apply these technologies and skills to benefit wider society."

Entain plans to also build partnerships and relationships with technology innovators. The company has already entered into initial collaborations with several entities. Verizon is helping to create the Enovate 5G Lab Project. BT is exploring Entain's computing and drive 5G usage. Theta Labs is supporting the firm in achieving its NFT objectives.

Entain also linked the new project with its ESG initiatives. This allows its not-for-profit partners to access the technological developments, funding, and funding available through Enovate, including Chance for Childhood, Climate Hack AI and Chance for Childhood.

Enovate, in collaboration with partners around the world, will show how Entain's industry-leading technology can revolutionize experiences for consumers as well as deliver real benefits to society.

Entain's technology-focused activities continue with this development. This follows on from Entain Foundation's double partnership with the Berlin University of Technology, Nexus Institute and the Entain Foundation's separate collaboration with UNLV in Nevada to develop executive training to increase diversity in research and development.

Image credit: Pixabay.com