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).
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.