“We should definitely anticipate more innovation happening in the space as new economic models are introduced,” Brian Akaka, chief marketing officer at Laguna Games, the developer behind the upcoming non-fungible token (NFT) title Crypto Unicorns, told Blockworks. While revenue models will need to be hashed out, some blockchain gaming developers believe Epic’s foray into the metaverse will help position the budding industry front and center. Metaverses, meanwhile, refer to the experience individuals will have based on an intersection of technologies including virtual reality, blockchain and Web3 infrastructure.īoth concepts are in their early infancy, but development and major funding have continued to push the bounds and explore new revenue streams that share collectively in the success of a particular title. Web3 refers to the idea of a decentralized internet where ownership of data is possessed locally by the individual. “Its game mechanics and monetization are already set up to run in a Web2 way.” “It would be next to impossible for Epic to smoothly transition Fortnite into a Web3 Game,” Simon Kertonegoro, CEO and founder of MyMetaverse, said. In 2018, the company generated $5.5 billion in gross revenue from its Fortnite title and $3.7 billion the following year, according to leaked documents from last year’s Apple v. Players can purchase skins, emotes and sprays in exchange for the company’s in-game currency called V-Bucks, which are purchased using fiat.Įpic uses V-Bucks to turn a large portion of its profit. While the model is free-to-play, Epic generates substantial profit through microtransactions via its in-game store. “It seems that some companies are merely using the term metaverse as another marketing term to ensure their balance sheets remain profitable for themselves,” Cawley added.įortnite is a hugely popular free-to-play battle royal game where 100 players are dropped on an island and duke it out by crafting, shooting and looting their way to a top spot. “What they’ve been building with Fortnite, is what they’re kind of calling a metaverse, but I’d say it’s a closed ecosystem, where they rely on external investments and deals with large intellectual property rights, instead of a more open web3 metaverse,” Lost Relics and Codebit Labs Director Cliff Cawley said. While the funds have been flowing, questions are mounting over how the developer will best attempt to monetize their efforts in a world seemingly designed for decentralization and individual ownership of digital assets. Epic’s accrued capital is slated for the developer’s project to build “real-time 3D social experiences leading to a convergence of gaming, film, and music,” its CEO Tim Sweeney reportedly said at the time. Sony’s participation in the round extends upon its $250 million cash infusion for Epic in 2020 and a further $200 million a year later. “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,” Kenichiro Yoshida, president and CEO of Sony Group Corporation, said. Epic said it is attempting to create novel “social entertainment” by exploring the connection between the digital and physical worlds. The fresh funding will be used to build out Epic’s vision for the metaverse and support its continued growth, according to a statement. The developer of one of the world’s most popular games, Fortnite, has scooped up $2 billion in additional funding in a bid to accelerate its metaverse ambitions.Įpic Games said Monday it had received $1 billion each from existing investors Sony Group Corporation and KIRKBI, the family-owned investment company behind The LEGO Group.įollowing regulatory approval of the deal, Epic’s post-money equity valuation stands at $31.5 billion. While some see the Fortnite developer’s position to port their games to Web3 as a challenge, others view the move as a positive.Epic Games has secured a whopping $2 billion in additional funding from Sony and KIRKBI to further its metaverse ambitions.
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