World Table Tennis (WTT) has partnered with NFT Technologies to encompass fan engagement in digital collectibles, 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 analysing ways in which we can create greater fan engagement through web3,” said 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!”
The firm also underlined that despite Asia’s ‘dominant position in the cryptocurrency adoption space, there is still much growth potential, with only 3.6% and 10% of the population owning crypto in Southeast Asia and Singapore, respectively’.
Adam De Cata, CEO at NFT Tech, added: “I’m extremely excited for what we’ll be able to show off to the world. Table tennis is exploding in terms of global popularity and participation and the WTT has been very forward-looking and progressive in leading sports technology
“We’re going to be able to build exciting multi-faceted experiences that further elevate fan and player engagement including play-to-earn, which in itself is a multiple-billion-dollar opportunity space.
“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.
“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 huge opportunity for NFT Tech.”