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Thursday, March 23, 2023

Epic Games raises $2 billion in funding to accelerate Metaverse plans

Epic Games has received massive funding for its vision of building a metaverse in the near future. Backed by existing investors Sony Group Corporation and Kirkby, the company has raised $2 billion in funding for the purpose and specified its intentions for the same in a recent note.

In its announcement, Epic Games mentioned that it plans to direct the funding. According to Epic Games CEO and founder Tim Sweeney, the investment will drive the company’s work to “build metaverses and create spaces where players can have fun with friends, brands can create creative and immersive experiences and creators can create a community.” can and will be successful.”

Interestingly, the new round of funding is worth $31.5 billion to Epic Games. Sony and Kirkby, the holding and investment company behind the Lego Group, both account for $1 billion each of the $2 billion fund. All three companies are at odds with the idea that the funds will be used to create a “new social entertainment” that will rely on “the connection between the digital and physical worlds”.

With the deal, both Sony and Kirkby will rely on Epic Games’ expertise to build a metaverse. While the company may no longer have one, in theory, many of its gaming titles look like a metaverse, including the massively multiplayer battle royale game Fortnite. In addition to its FPS action, the game lets players roam a digital world, just like a metaverse would try to achieve.

Sony says it will merge its technologies with Epic’s game engine for the proposed Metaverse. Through the digital world, the company will target “new digital fan experiences in games” and its virtual production initiatives, according to Kenichiro Yoshida, president, president and CEO of Sony Group Corporation.

Kirkby, on the other hand, has already laid out plans on the kind of metaverse he wants Epic to create. Last week, Epic Games and The Lego Group announced a partnership to build the Metaverse for kids. Metaverse Online will provide children with digital play opportunities and learning activities in a safe environment.

The investment has only been announced and has not yet been closed. As per the announcement, these are still subject to closing conditions including regulatory approvals. However as and when they are approved, we can rest assured about Epic’s continued efforts to come up with a metaverse of its own in the near future.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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