Partypoker to enter NFT market via Theta Labs / Entain tie-up

Haley Hintze Author Photo
Haley Hintze
Posted on: February 02, 2022 15:27 PST

Partypoker will become the latest prominent poker entity to enter the non-fungible token (NFT) digital collectible space, courtesy of a major deal between party parent Entain and major NTF developer Theta Labs. In what partypoker describes as the "first-ever integrated NFT platform in poker," partypoker will provide fans and collectors with a chance to own digitally signed video moments that depict highlights of party's long history.

The NFT rollout will include selected moments from both live and online party-themed occasions. The live digital moments will be drawn from major events on the partypoker platform, while live moments will memorialize highlights from select partypokerLIVE tourneys.

The rollout will include an additional element, a line of special "PokerApes" digital images. Ape-themed NFT offerings have been among the digital-collectible niche's most successful trend to date, and the PokerApes line will seek to tap into that crossover market.

NFT rollout one part of Entain's new 'Ennovate' initiative

The NFT deal involving partypoker is just one part of a far-reaching global innovation hub, called Ennovate, just launched by party's parent company, Entain. The technology startup includes £100 million in global investment with a mandate to create "disruptive technologies" and "first consumer products" throughout sports and entertainment.

Theta Labs is just one of several international partners joining with Entain to develop new international products. Verizon and BT will partner with Entain to build a new Ennovate 5G Lab in the heart of London's technology community, featuring connective and immersive gaming experiences, including the latest in virtual reality (VR) gaming.

Theta Labs has previous poker NFT experience

In partnering with Theta Labs, Entain and partypoker have chosen an NFT developer already familiar with the poker world. Last spring, Theta Labs developed a line of NFT video moments in partnership with the World Poker Tour. The Theta Labs / WPT project was the most prominent poker-related NFT project at the time of its release.

Full details on Theta Labs' new products for partypoker have yet to be released. However, prototype imagery as seen on partypoker's own NFT announcement suggests the new NFT lines may use a three-tiered collectibles approach, based on scarcity, similar to Theta Lab's WPT product. The imagery depicts video moments in Common, Rare, and Legendary variations, akin to the Theta Lab's WPT-moment product design.

The common theme doesn't end there. The WPT and partypoker have shared warm industry relationships over the years, as epitomized by the late Mike Sexton's prominent role with both companies. The mutual relationship likely gave Theta Labs the inside track for developing the NFT collectibles within Entain's broader plans for technology development.

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