Epic Games announced $2 Billion fund raising to build metaverse

Sony and KIRKBI, the company behind the LEGO Group, are teaming up to fund Epic Games' new venture focused on the metaverse. 

Epic Games announced $2 Billion fund raising to build metaverse

April 11, Epic Games, an American video game development company, declared the raising of $2 billion 1 billion USD from Sony, and 1 Billion USD from KIRKBI to build a metaverse

According to Epic Games, the gaming studio want to create new experiences based on its already popular games and new projects Epic Games says that a major funding round aims to "advance the company's vision to build the metaverse and support its continued growth."

The company behind Fortnite achieved a valuation of $32 billion, allowing it to drive deeper into this new business model. 

Epic Games is also popular for being the studio behind the Unreal engine, which is the bread and butter of many video games developers, filmmakers, and content creators. it offers multiple tools like physics/lightning simulations, video editing, and animation rendering. 

Niels B Christiansen, CEO of The LEGO Group that children develop abilities like "creativity, collaboration, and communication through digital experiences thanks to both physical and digital games," The corporation believes its team has a duty to create inspiring and beneficial content for all of society. helping children put their abilities to good use. 

“We have a responsibility to make them (video games) safe, inspiring, and beneficial for all. Just as we’ve protected children’s rights to safe physical play for generations, we are committed to doing the same for digital play. We look forward to working with Epic Games to shape this exciting and playful future.”

Tim Sweeney, CEO & Founder of Epic Games. emphasized that LEGO has "captivated the imaginations of kids and adults" for so many years, adding that building a metaverse with them will be "fun, entertaining and made for kids and families."

Epic Games has not revealed what technology it will use to develop its metaverse it is possible that the company goes for a centralized, non-blockchain model but the company has previously advocated for a pro-crypto model, allowing the release of many crypto games on its marketplace even though one of its direct competitors, Steam, decided to ban them.

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