Epic Games has raised a significant sum of money in order to realise its aim of building a metaverse in the near future. The company has raised a $2 billion round of money for the cause, backed by existing investors Sony Group Corporation and Kirkbi, and has stated its intentions in a recent memo.
In its announcement, Epic Games mentions where it plans to direct the funds. As per Tim Sweeney, CEO and Founder of Epic Games, the investment will propel the company’s work “to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”
Epic Games is now valued at $31.5 billion, according to the fresh round of funding. Sony and Kirkbi, the holding and investment business behind The LEGO Group, each account for $1 billion of the $2 billion fund. The monies will be used to produce “new social entertainment” that will rely on the “connection between digital and real worlds,” according to all three firms.
Both Sony and Kirkbi will rely on Epic Games’ ability to form a metaverse as part of the arrangement. While the firm does not yet have one, many of its gaming titles, notably the massively online battle royale game Fortnite, mirror what a metaverse would look like in principle. Aside from FPS action, the game allows players to hang around in a digital world, similar to what a metaverse aims to achieve.
For the envisioned metaverse, Sony says it will combine its own technology with Epic’s game engines. According to Kenichiro Yoshida, Chairman, President, and CEO of Sony Group Corporation, the firm would focus on “new digital fan experiences in sports” and its virtual production endeavours through the digital world.
On the other hand, Kirkbi already has set plans on the kind of metaverse it wants Epic to build. Last week, Epic Games and The Lego Group announced a partnership to create a metaverse for kids. The metaverse will provide digital playing opportunities and learning activities to kids in a safe environment online.
The investments have only been announced and have not been closed just yet. As per the announcement, these are still subject to closing conditions, including regulatory approvals. Though as and when they are cleared, we can be assured of Epic’s consistent efforts to come up with its own metaverse in the near future.
