Japanese corporation Sony is the latest multinational company to signal an interest in the metaverse, investing $1bn in Epic Games.
Known for creating the PlayStation, the Sony Group recognised Fortnite and Unreal engine developers Epic Games as leading the way in the metaverse sector, and wanted a stake in that emerging technology through a closer relationship with Epic.
CEO of Sony Kenichiro Yoshida commented:
‘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. 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.’
Epic Games Metaverse
Epic Games has now completed a round of funding totalling $2 billion, with other funding coming from KIRKBI, the parent company of The Lego Group. We reported last week on the partnership between toy manufacturer Lego and Epic Games.
CEO of KIRKBI Soren Thorup Sorensen stated:
‘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. Epic Games is known for building playful and creative experiences and empowering creators large and small.’
This news should be particularly interesting to fans of NFT games.
Gaming giant Sony has a market capitalization of $113 billion as of April 2022, making it the 121st largest company in the world, according to CompaniesMarketcap. Their stock price has been in a bull trend for the last decade, so if they’re interested in supporting metaverse projects, other blue-chip companies should follow.
Cryptoassets are a highly volatile unregulated investment product.