Fortnite’s Epic Games Raises $2B in Metaverse Play
Share this article
The raise puts the firm’s valuation at $31.5 billion.
Epic Games Closes $2B Raise.
Epic Games is going long on the Metaverse.
The gaming company behind the battle royale hit Fortnite announced it had completed a $2 billion raise Monday, putting the firm’s post-money equity valuation at $31.5 billion. Sony and LEGO owner KIRKBI both invested $1 billion in the raise. Sony’s investment comes after it contributed $450 million to the firm’s July 2020 and April 2021 raises.
In a Monday blog post, the firm said it had raised the funds “to advance the company’s vision to build the Metaverse and support its continued growth.” While the announcements didn’t share specific details about how the funds will be spent, representatives from the three firms leaned in on the Metaverse when discussing the raise.
“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 Sony Chairman, President and CEO Kenichiro Yoshida. KIRKBI CEO Søren Thorup Sørensen added that his firm was pleased to support Epic Games on its journey “with a long-term focus toward the future Metaverse.” Epic CEO and founder Tim Sweeney said that the funding would go toward building the Metaverse and referred to it as a space “where players can have fun with friends, brands can build creative and immersive experiences, and creators can build a community and thrive.”
Though the Metaverse is still a loosely defined concept, technology enthusiasts use the term to refer to a next-generation version of the Internet where people can connect with friends, work, and more inside virtual worlds. Cryptocurrency fans often talk about the Metaverse in tandem with Web3 as it’s believed that blockchain technology could underpin the Internet of the future, giving users a way to earn for their participation. Billions of dollars of capital have been allocated to projects promising to build out the Metaverse as hype gained momentum. Arguably the most notable development came in October when Facebook announced that it had rebranded to Meta to “bring the Metaverse to life.” Since then, the likes of Samsung, Adidas, JPMorgan, and HSBC have signaled their interest in breaking into the space. Fortnite’s creator is only the latest addition to a rapidly growing list.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…
HSBC Plans Metaverse Fund for Rich Asian Clients
HSBC, one of the world’s largest multinational banks and financial service providers, has launched a Metaverse-focused fund for its wealthy Asian clients. HSBC Doubles Down on the Metaverse HSBC has…
Facebook Owner Meta Weighs In-App Tokens for Its Metaverse
Meta, the recently rebranded parent company of social media platforms Facebook and Instagram, is reportedly considering breaking into finance by launching a virtual currency, social tokens, and small business loans….
Decentraland Eyes Rally Ahead of Metaverse Fashion Week
Decentraland’s MANA token appears to be building bullish momentum for a potential breakout in the lead-up to its Metaverse Fashion Week event. Decentraland Hosts Metaverse Fashion Week MANA could be…