Gaming Titan Enters Metaverse Raising $2,000,000,000 in Funding Round
Epic Games is entering the metaverse with a $2 billion investment round led by electronics giant Sony.
Sony intends to strengthen its partnership in the metaverse
The Unreal Engine is a high-end three-dimensional game engine for video games that is widely considered to be one of the most powerful creation engines in the world.
According to a recent press release, Sony officials have invested $1 billion in the video game company, believing that their technology, along with Epic Games’ proprietary Unreal engine, will give them an advantage when they enter the game. metaverse.
Sony Chairman, Chairman and CEO Kenichiro Yoshida said:
“As a creative entertainment company, we’re excited to invest in Epic to strengthen our partnership in the metaverse, a space where creators and users interact. We’re also optimistic that Epic’s skill set, especially their formidable game engine, combined with that of Sony’s technology will help us accelerate projects such as the development of new digital experiences for fans in sports and our virtual production ambitions.
About Epic Games and its vision for the future
Epic Games is best known for the hugely successful battle royale video game Fortnight and its flagship third-person shooter franchise Gears of War, which is valued at $32 billion.
Epic announced the investment following the release of Unreal Engine 5 last week, an engine that will almost certainly play a key role in the development of any non-Fortnite metaverse Epic has in mind.
As tech companies build and define their versions of the metaverse, it remains a buzzword. Given that Fortnite currently contains many of the “complete digital worlds” features that a metaverse is usually touted as, Epic appears to be further ahead of the curve than most companies, which makes Sony’s investment reasonable.
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In July 2020, Sony purchased $250 million in Epic, giving it a minority stake in the company to deepen and expand collaboration on technology for digital ecosystems, particularly Unreal Engine.
Despite today’s investments, Epic still has only one class of common stock outstanding, according to the announcement, and Tim Sweeny remains CEO. The fruits of this relationship and Epic’s metaverse have yet to be seen, and won’t be for some time, but today’s announcement is another major financial step towards bringing these ideas to fruition. .