Rise of the Metaverse

- The term ‘Metaverse’ was first coined in Neal Stephenson’s 1992 sci-fi novel, Snow Crash, as a concept that blends digital and physical existence
- With this concept developing and gaining traction, the metaverse can now be classified as the convergence of virtual and physical realities to the new internet
- Unlike current virtual reality (“VR”), which is mostly used for gaming, this virtual world could be used for practically anything - work, play, concerts, cinema trips - or just hanging out
- Company would be spending ~US$10 billion over the next year developing the technologies required for building the metaverse
- Recently invested US$50m in funding non-profit groups to help build the metaverse responsibly
- Investors supporting the vision for Epic Games and the metaverse include Sony Group Corporation, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, KKR, AllianceBernstein, Altimeter, Franklin Templeton and more
- The fund focuses on eight themes including cloud computing, virtual reality, online gaming, 3D design tools and more
Source: BBC News, TechWire Asia, Epic Games
Last modified 11mo ago