Epic Games announces $2BILLION funding for metaverse gaming

EPIC GAMES is planning to build its own metaverse after receiving $2 Billion in funding.

On Monday, the video game company revealed in a statement that it received a large round of funding to “advance the company’s vision to build the metaverse and support its continued growth.”

Epic Games is planning to build its own metaverse after receiving $2 Billion in funding

A large portion of the funds came from Sony, which is an existing investor in Epic Games.

Other investors include KIRKBI, an investment group that founded the Lego Group.

Both KIRKBI and Sony have expressed interest in the metaverse and gave Epic $1 billion to further its vision.

“As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time,” said Kenichiro Yoshida, the Chairman, President, and CEO of Sony.

“We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives,” he added.

Similarly, Thorup Sørensen, CEO of KIRKBI said: “A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in.

“This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”

The metaverse describes a virtual world comprising gaming, social media, augmented reality, and cryptocurrency.

After Meta CEO Mark Zuckerberg expressed his interest in developing a metaverse, many major tech giants have followed suit, including Epic Games.

Though, with games like Fortnite that connect users through a virtual platform, some believe that the video game manufacturer has been ahead of the curve.

Fortnite has already hosted a number of virtual concerts and events, as well as digital autograph-signing sessions with various musicians.

Sony is also a proponent of the virtual reality sector, most recently unveiling its PlayStation VR2 headset and controllers this past February.

Tim Sweeney, CEO and Founder of Epic Games, said that the company is excited to partner with Sony and KIRKBI.

“This investment will accelerate our 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,” he added.