World Table Tennis (WTT) is pursuing Web 3.0 initiatives in partnership with non-fungible token (NFT) start-up NFT Tech.
The new venture aims to expand the table tennis sport through popularity and fan exposure, according to an announcement on Wednesday, August 10.
The multi-year tie-up will see WTT issue “digital collectibles, metaverse experiences, move-to-earn and play-to-earn gaming”, according to a release.
WTT chief financial officer Michael Brown said: “WTT has been researching and planning its entry into the web3 space for over 15 months now, studying and analyzing ways in which we can create greater fan engagement through web3.”
The partnership with NFT Tech is the inaugural leap into WTT’s digital journey. “We believe that coming up with a Web3 strategy will resonate with our core fanbase and their interests, while also attracting new fans to participate in the world of table tennis”, said Brown.
Sporting organizations have been steering towards Web.30 for some time. Despite football being the dominant sport in the world of the metaverse, tennis is sharply following suit.
All four major sports leagues in the US are said to be experimenting with technologies in a bid to enlarge and engage audiences.
NFT Tech CEO Adam De Cata said: “This multi-year partnership is a natural continuation of the momentum NFT Tech built at the Australian Open.
“With fifty annual events (as opposed to just one), World Table Tennis presents a ton of potential – not just with new projects or ideas, but also with a business model that leverages resale royalties.”
NFT Tech hopes that with several tournaments and events, the start-up company will be able to “drive further utility for owning certain NFTs”.
With this comes further optimism that not only will it become a “huge benefit to the fans but also a huge opportunity for NFT Tech”.
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