Epic Games Raises $2 Billion to Build “The Metaverse” Backed by Sony and LEGO
2022.04.12 15:21
Epic Games Raises $2 Billion to Build “The Metaverse” Backed by Sony and LEGO
Epic Games, the creators of popular video game ‘Fortnite‘, announced a $2 billion round of funding to build and support the continued growth of “The Metaverse.”
Epic Games, who are also the creators behind the Unreal Engine, revealed that the funding round was backed by legacy entertainment giants Sony (NYSE:SONY) Group Corp and KIRKBI, the Lego Group’s parent company.
Sony and KIRKBI Backs $2 Billion Metaverse Project
As per the press release, both Kirkbi and Sony, the makers of popular entertainment system, the PlayStation, each invested $1 billion into Epic Games to further “the development of new digital fan experiences” and the “metaverse.”
In a statement, the founder and CEO of Epic Games, Tim Sweeney, said, “this investment will accelerate our work to build the metaverse and create spaces in which players can have fun with friends.”
Sweeney adds that the Epic Games Metaverse will allow brands and creators to build communities for creative and immersive experiences.
Epic Games Hits $31.5 Billion Valuation
In light of these latest investment, Epic Games has achieved a valuation of $31.5 billion. The $2 billion raised will help the gaming giants to delve deeper into the new business model, “The Metaverse.”
Tim Sweeney additionally revealed that Epic Games has formed further partnerships with both Sony and KIRKBI.
On the Flipside
- Epic Games has not released any specifics about its Metaverse project, with many expecting it to compete with established decentralized alternatives.
Why You Should Care
The $2 billion investment from legacy entertainment giants affirms that the metaverse has a future in the gaming community.
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