ESE Entertainment Inc (OCT: ENTEF) has launched Virtual Pitstop, a motor sports simulation platform, and plans to research and develop non-fungible tokens (NFTs) applied to it.
What Happened: ESE Entertainment, a European-based esports company, announced on Wednesday it developed a new business unit focused solely on motor sports.
“Virtual Pitstop will provide technology for video game developers, racing fans, and gamers to engage in motor sport-related esports across the globe,” stated the press release.
The platform will include 3D laser scanning technology, 3D model development technology, virtual and augmented reality content, technology to create animations, skins and visualizations for promotional or architectural purposes.
ESE Entertainment also said it plans to research and develop NFTs, as part of the platform, that will be based on motor sport simulation, which is possibly the most notable information in its release.
Why It Matters: Both motor sports and NFTs have become wildly popular and ESE entertainment has a first-mover advantage within the esports sector for combining the two.
While Score Media and Gaming Inc (NASDAQ:SCR) announced plans to broadcast a weekly series, “Mint Conditions,” that will focus on collectibles including NFTs, larger players in the esports sector have yet to report plans to develop the tokens.
What’s More: NFTs have soared in popularity in 2021 and investors have been looking for tokens to trade and at companies directly involved with NFTs.
ESE Entertainment’s foray into token development is likely to garner attention because the explosion of NFTs has only just started and the company is getting in it now.
Related Link: What is a Non-Fungible Token (NFT)?
Sports seem to fit naturally into the NFT space. NBA Top Shot, officially licensed NFTs by the NBA, has been sold out of its Rising Stars NFT package for weeks as investors and collectors rushed to purchase the digital assets.
Art has also become a top focus for companies specializing in NFTs. Takung Art Co Ltd (NYSE:TKAT), which specializes in fractional ownership of fine art, and Oriental Culture Holding Ltd (NASDAQ:OCG), an e-commerce platform provider for artists, collectors and dealers, have seen their stock prices skyrocket this week.
ENTEF Price Action: ESE Entertainment Inc shares were trading up 1.5% at $2.38 at last check.