Singapore-headquartered World Table Tennis (WTT) has signed a multi-year agreement with NFT Tech to join Web3.
The partnership will enable WTT to improve fan engagement by offering NFTs, metaverse experiences, play-to-earn, and move-to-earn gaming.
“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,” says Michael Brown, WTT Chief Financial Officer. “The partnership with NFT Tech is the first major step on this journey. NFT Tech has proven to be a leader in the space when it comes to technology innovation in sport, which we believe is crucial when it comes to growing our sport. 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!”
“This multi-year partnership is a natural continuation of the momentum NFT Tech built at the Australian Open,” said Adam De Cata, CEO of NFT Tech. “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. With so many tournaments and events, we’ll be able to drive more utility for owning certain NFTs that will come with huge benefits to the fans but also a huge opportunity for NFT Tech.”
Despite football’s dominance on Web3, tennis is another sport that is making a strong mark. Earlier this year, the Australian Open announced the launch of art ball NFTs that link to live match data and NFTs that honor iconic moments in tennis history.
In June, All England Tennis Club launched Wimbledon’s famous hill in the metaverse, letting guests set up virtual tents on the hill to participate in a socially interactive metaverse experience.
Rather than providing tennis aficionados with new ways to take part in matches and own a piece of the best moments, the metaverse could also give them the opportunity to participate actively and play virtually with their friends, and, thanks to the virtual world’s monetization opportunities, earn while doing so as well.