MPG, a subsidiary of the metaverse firm Improbable, has been acquired by Keywords Studios for $100 million.
Improbable already serves major players such as Activision Blizzard, Bethesda, and Epic. The company anticipates continued growth in the metaverse space through 2024.
While the cryptocurrency market has experienced a resurgence in recent months, the same level of resurgence has not been observed in the metaverse and NFT space.
Toward the end of 2021, nearly all major companies were actively involved in NFT and metaverse projects. However, as the initial excitement waned, the metaverse space somewhat faded into the background, leading to a decline in cryptocurrency sales within this sector.
Metaverse Company Sold
Improbable, a metaverse company backed by SoftBank and Andreessen Horowitz (a16z), has sold its gaming unit, MPG, to the Irish video game company Keywords Studios for approximately $100 million. Anticipating increased demand in the coming years, Improbable plans to concentrate on developing products in the metaverse space.
While 2021 witnessed the emergence of numerous NFT-powered metaverse games, many did not withstand the recent bear market. Unfortunately, investors who held long-term expectations for these projects experienced a loss of their entire investments.
MPG, with 34 employees across 360 countries, provides services to popular gaming companies, including Activision Blizzard, Bethesda, and Epic. Improbable has made a significant move with this sale, and the proceeds will be directed towards projects such as BoredElon, Forgotten Runes, and the highly anticipated Otherside metaverse platform by Yuga Labs.
Metaverse and 2024
In June, Improbable launched its distributed computing platform, M2 Network, and MML Stack to support the metaverse ecosystem. Additionally, the company established The Metaverse Society, a think tank, in May to conduct research on the Metaverse and its social impacts. Improbable views the bear market as an opportunity to build the future, and it is anticipated that the company’s name will gain more prominence in 2024 and beyond.
Herman Narula, the founder and CEO of Improbable, stated:
“The metaverse is poised to grow in 2024 with the convergence of gaming, VR/XR, and web3 technologies. Apple’s headsets like the Vision Pro and the success of the Meta Quest 3 will further fuel the demand for immersive metaverse experiences. Gaming companies will create new brand activation opportunities by integrating metaversal elements into their products.
Consolidation in the gaming and web3 sectors will lead to a stronger, more innovative, and more resilient startup ecosystem as companies pool their resources and expertise to develop metaverse applications.”
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