Ladbrokes and Coral Parent Firm Entain Set to Launch Ennovate Metaverse
Entain is making serious plans to create its own gaming metaverse. The firm has revealed that it will set aside $130 million to launch a global innovation lab to take charge of its gaming metaverse ecosystem, according to a CNBC report on January 30, 2022.
Entain Joins the Metaverse Train
Entain (LSE: ENT) formerly GVC Holdings, one of the world’s largest sports betting and gaming groups, with annual revenue of over $1 billion, is the latest online betting giant to join the metaverse bandwagon.
Per sources close to the matter, Entain, which is in charge of several online betting and gaming companies including Ladbrokes, Coral, Sportingbet, Foxy Games, and more, has revealed plans to develop a dedicated innovation hub for its metaverse project.
It’s no news that the metaverse, a term that refers to a virtual world powered by innovative technologies like blockchain, and others, is one of the hottest buzzwords in both the cryptoverse and tech sector at the moment, with play-to-earn gaming occupying the frontline of the metaverse craze.
Headquartered in Douglas, Isle of Man, Entain was reportedly the subject of two takeover approaches in 2021 and the company revealed last week that its online betting revenue fell by 9 percent in Q4, 2021, and as such, venturing into the highly lucrative blockchain gaming ecosystem appears to be a forward-thinking move right now.
Entain to Invest $130 Million
Now, Entain has made it clear that it will invest GBP 100 million ($130 million) to fund its metaverse project dubbed Ennovate. The firm says Ennovate will function as an innovation hub that will solely focus on the development of immersive sports and entertainment experiences in the metaverse.
Entain will not be embarking on its metaverse project alone, as the company has hinted that heavy hitters like American wireless network operator, Verizon, British telecoms firm, BT, and Theta Labs, will be joining forces with Entain to make the Ennovate metaverse a success.
“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,” declared Jette Nygaard-Andersen, the CEO of Entain.
While Entain is undoubtedly a giant in the global online betting ecosystem, with several years of experience under its belt, it remains to be seen whether Ennovate will be able to disrupt existing metaverses in the world of distributed ledger technology (DLT) including Splinterlands, the Sandbox. Axie Infinity, and Fairspin, amongst others.
As recently reported by crypto.news, Splinterlands, the most played non-fungible token (NFT) based play-to-earn gaming metaverse six months in a row, has surpassed the 1 billion battles milestone. So far, Splinterlands has dished out more than $5 million in tournament prizes to its users.
In related metaverse news, on January 27, 2022, The Sandbox (SAND) announced that it has inked a partnership deal with Warner Music Group (WMG). The alliance will enable the team to create a music-themed world in the Metaverse.
