Macau Enters the Metaverse with Asia Pioneer Entertainment’s New NFT Project
Asia Pioneer Entertainment hopes to bring the Metaverse to Macau. The gaming equipment supplier is rolling out Asia Tigers Club, a new non-fungible token (NFT) project on the ethereum blockchain.
The Metaverse is real, as real as a virtual world can be. The fusion of real life and 3D virtuality continues to gain popularity, especially in the gaming space. Gaming operators such as Entain and DraftKings are jumping in. But they’re not alone.
Asia Pioneer Entertainment (APE), a gaming equipment supplier in Macau, wants to bring the Metaverse to Macau and the rest of the gaming world. It is ready to take the first step, launching a non-fungible token (NFT), Asia Tigers Club.
Macau Meets the Metaverse
APE has been waiting for this day since it announced in March that it was exploring ways to interact with the Metaverse. The NFT is the next step in that process, and will include “8,800 uniquely created and fashioned tigers Picture for Profile (PFPs),” according to a company press release.
The NFT artwork is courtesy of Pedro Lourenco, a Portuguese artist. He incorporates innovative artistic techniques into traditional Chinese art in order to represent Asia and embody the “spirit, strength, adaptability and determination to bring back Asian travel to resort destinations throughout the region.”
We are really proud to be one of Macau’s first major NFT projects that is building a community of digital art collectors and links them back to travel and leisure in Macau,” stated APE Holdings CFO and Executive Director Tony Chan.
Asia Tigers Club NFTs give their holders first access to “Mini Macau,” a virtual world on the Metaverse platform Sandbox, and Resortverse, an upcoming alternative. The platform, specifically created for the gaming ecosystem, is open to everyone. Mini Macau is a virtual Macau where “digital travelers can virtually explore amazing Macau tourist attractions.”
The NFTs will launch this June, the same time Resortverse should open. Individuals who hold the NFT will automatically receive Resortverse tokens, which they can exchange for amenities in the real world. APE will offer arrangements to provide travel, entertainment options, dining, and more as rewards for the tokens.
Prelude Coming This Month
Although APE anticipates a full launch in June, it’s going to offer an inside look this month. It will hold a pre-launch of the NFTs, which will be available on www.asisatigersclub.com.
Although the Metaverse and NFTs have become wildly popular, they don’t always receive the warmest welcome. Just like cryptocurrencies, many people don’t understand them, and therefore, think they should be prohibited.
Several NFT projects in different jurisdictions around the world have been accused of violating financial or securities regulations. The gaming industry has had to deal with this as well. Two iGaming operators in Cyprus recently found themselves in trouble in the US for allegedly violating securities laws through their NFT offering, Sands Vegas Casino Club.
However, NFTs aren’t inherently bad. The term non-fungible refers to something that is completely unique and which cannot be replaced by something else. In this sense, the tokens can have greater value than some fungible options, because they cannot be reproduced or duplicated. In addition, all NFTs, located on the blockchain, have their ownership permanently recorded in an unalterable ledger.
Some NFTs have commanded huge prices at auction. The Merge, an art project by the anonymous artist Pak, sold for $91 million. One Bored Ape Yacht Club NFT, #8817, sold in auction house Sotheby’s Metaverse for $3.4 million.
APE looks to use the Metaverse and its NFTs to offer digital items and properties that users can buy, sell, and trade. Mini Macau will be a “digital world replica of a physical world, with digital identities as an interface for users to enter the digital world.”