coinculture.com
One of Australia’s biggest annual sporting events, the Australian Open, will offer NFTs and join the metaverse via Decentraland.
The Aussie Open going metaverse
Although reporting of the Australian Open’s has been overshadowed by the never-ending saga around Novak Djokovic’s medical exemption and visa status, blockchain enthusiasts will be pleased to hear that tennis will also be played in the metaverse.
Those who are not fortunate enough to enter Australia and see the action in person can observe the main stadium – the Rod Laver Arena – on Decentraland, a virtual reality platform. Fans also get the chance to explore restaurants and see action from other courts virtually. Tournament Director Craig Tiley was pleased with the innovation, stating that this “next wave of technology” would allow global tennis fans to be part of this year’s edition “in a way never before available.”
Moreover, the tournament will release a collection of 6,776 NFTs corresponding to winning shots from the 2022 championship. Owners of these “Art Ball NFTs” will also receive an airdrop with footage of the point, virtual wearables, and other benefits in the future. If one of the 11 championship points happens to land on a plot, the NFT entitles the owner to the physical tennis ball from the match in a specially handcrafted case.
While the “Art Ball NFTs” have been on sale since January 10, the Australian Open Decentraland event went live on January 17.
Adidas and Samsung joining the metaverse too
The Aussie Open are just another real-world organisation adopting NFT technology, although it is guaranteed not to be the last. Samsung recently announced its metaverse experience called Samsung 837X,enabling its customers to attend concerts and go on quests virtually. Just like the Australian Open, it is powered by Decentraland and will remain open for a limited time only.
Another noteworthy recent metaverse addition was Adidas, which partnered with Bored Apes Yacht Club and Punks Comic, an NFT comic series. This followed its blockbuster announcement to partner with Coinbase, one of the leading cryptocurrency exchanges in the world. Although Adidas is yet to announce more concrete plans for its metaverse foothold, it has reserved a parcel in “The Sandbox“, a metaverse-based game.
NFT prices may be down but adoption is up
All these developments confirm a trend that has been playing out over recent weeks: companies are eager to get involved in the metaverse despite falling prices.
That bodes well for NFT investors, as the entrance of big players that are insensitive to price volatility should, in theory, stabilise the market in the long run. Adoption by massive events like the Australian Open and companies like Adidas will also bring NFTs to the attention of less tech-savvy folks that may not be dabbling in crypto regularly. How they react to the innovation offered to them will be a litmus test for the technology’s current state of development and possibly open up future use cases. The NFT boom may have only just begun.