Epic Games has raised $2 billion in funding to boost its metaverse plans

Epic games has got fund worth $2 billion for its metaverse plans for Fortnite. Read along to know more about it.
fortnite cover photo

Behind the highly popular game Fortnite, the parent company Epic Games has received from global entertainment giant Sony and investment company KIRKBI, $ 2 billions in funding, which founded the Lego Group. For upholster Epic’s metaverse expansion plans these funds will be used. To the funding round Sony and KIRKBI contributed $1 billion. After a partnership to build a metaverse for kids by the Lego and Epic Games on 11th of April this announcement comes. 

CEO and founder of Epic Games, Tim Sweeney said that this investment is done to accelerate the work to build the metaverse and create spaces where players can have fun with friends, build creative and immersive experiences that can be built by the creator and creators can build a community and thrive”. 

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epic games fortnite

Epic Games yet has not revealed much information about the technology that will be used to develop the metaverse. Like ‘The Sandbox’ and ‘The Decentraland’ will also be decentralised, which have attracted a huge number of investors,  players, artists. Behind Facebook’s Meta concept will it be similar to that ? 

Epic Games have already confirmed that the metaverse would be based on the popular games and the projects that have been already released under its banner. Including $200 million from Sony, Epic Games also raised $1 billion in April 2021. The big funding rounds will be significant in advancing the company’s vision to build the metaverse and support its continued growth. Kenichiro Yoshida, Chairman, President, and CEO of Sony Group Corporation, said, “We are 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”.

Sony has been deepening its reach in the metaverse space and acquired Destiny developer Bungie earlier this year. Epic Games is also the company behind Unreal Engine, which offers multiple tools to video game developers, content creators, and filmmakers. Epic Games was valued at $32 billion following the recent funding round. The company further said that the closing of the investment would be bound by customary closing conditions such as regulatory approvals. 

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On the trio’s plans of building a metaverse for kids, KIRKBI CEO Soren Thorup Sorenson averred that a proportion of the investments will be focused on the trends that will be significant in determining the future world that children will inhabit. The metaverse will be built around the principles of child safety, privacy, and well-being. The children and adults would be equally equipped with tools to give them control over what they want to experience in the metaverse digitally. 

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