Latest Happenings in the Metaverse

2022/04/20By:

Meta has drawn the ire of creators and fellow tech rival Apple after it announced that its users on its Horizon Worlds metaverse platform would pay almost 50% commission to monetize their content.

 

From billion-dollar fundraises to active explorations by tech giants, here are some of the hottest metaverse news over the past week.

 

Epic Games Partners with LEGO Group to Build Metaverse, Raising $2 Billion

Epic, the developer of popular game Fortnite, has raised $2 billion in a funding round from Sony and KIRKBI, the company behind the LEGO Group.

 

In a Monday post on its website, Epic said the fund will be used to boost its dream of building a metaverse product. Recall that Epic recently inked a deal with LEGO to build a family-friendly metaverse. Both Sony and KIRKBI will each commit $1 billion to the cause.

 

Tim Sweeney, CEO and Founder, Epic Games said:

“This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”

 

The latest investment round pushes Epic Games to a $31.5 billion valuation.

 

Meanwhile, Kenichiro Yoshida, President and CEO, Sony Group Corporation, said that Epic’s experience in addition to its powerful Unreal game engine “will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.” He added:

“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.”

 

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Meta Sets To Take Nearly 50% Cut From Metaverse Transactions — And Apple Is Calling It Out

Creators hoping to monetize their works on Meta’s Horizon Worlds platform should be ready to forfeit as much as 47.5% of their gains on transaction fees.

 

On Monday, Meta announced some initial plans to allow content creators to monetize Horizon Worlds.

 

“As part of our ongoing commitment to support creators, we’re beginning to test several new tools that will enable creators to experiment with different ways to monetize what they’re building in Horizon Worlds […] We’re beginning to roll out a test with a handful of creators that will let them sell virtual items and effects within their worlds.”

 

While the idea to monetize the platform is definitely a welcomed one, the planned revenue share of almost 50 percent has drawn ire from creators. Meta has been accused of hypocrisy by game developers and others like Apple who have been previously criticized for charging 30 percent on similar in-game transactions.

 

Apple spokesperson Fred Sainz said in an email picked up by MarketWatch:

“Meta has repeatedly taken aim at Apple for charging developers a 30% commission for in-app purchases in the App Store — and have used small businesses and creators as a scapegoat at every turn.”

 

He went on to elaborate:

“Now — Meta seeks to charge those same creators significantly more than any other platform. [Meta’s] announcement lays bare Meta’s hypocrisy. It goes to show that while they seek to use Apple’s platform for free, they happily take from the creators and small businesses that use their own.”

 

Meta might be forced to reconsider its high commission but for now, the company has brushed off the controversy. Vivek Sharma, Meta’s VP of Horizon Worlds, told The Verge:

“We think it’s a pretty competitive rate in the market… we believe in the other platforms being able to have their share.”

 

Bandai Namco Allocates 3 Billion Yen to Explore Metaverse Development

With many gaming giants jumping on the metaverse bandwagon, Japanese gaming company Bandai Namco has revealed its plans to enter into the metaverse with a ¥3 billion fund.

 

Bandai Namco, which is the third-largest gaming company in Japan, intends to build metaverses around its large catalog, earmarking $24 million to the cause over the next three years.

 

According to a Tuesday press release, the Bandai Namco Entertainment 021 (Zero to One) Fund will invest in upcoming gaming companies related to Web 3 and metaverse, particularly targeting entertainment-related products and service providers engaged in VR (virtual reality), AR (augmented reality), AI (artificial intelligence).

 

“Through the “Bandai Namco Entertainment 021 Fund”, we aim to build an “IP Metaverse” and create new entertainment by combining the IP axis strategy and know-how that we have cultivated so far with the strengths of start-up companies.”

 

The new fund will employ three investment strategies to make its vision a reality all centered on creating and delivering entertainment to fans.

 

This is not the company’s first foray into the metaverse space. About two weeks ago, Bandai Namco announced its $130-million metaverse initiative that will be based on its Gundam IPs. The plan is to develop a metaverse for each of its IP. And back in February, the gaming company had said it would invest around $130 million into building a metaverse around one of its best-known Ips, Gundam.

 

“The new mid-term plan will introduce a new means of connecting fans to entertainment properties by building a metaverse for each IP under Bandai Namco Group’s portfolio, which is also utilized as a key part of the company’s IP based strategies […] Development will begin with the creation of the “GUNDAM Metaverse” where it will become a platform of opportunities for GUNDAM fans worldwide to come together to converse and connect in a variety of categories.”

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