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The excitement around cryptocurrencies has been revitalized for months, but we have yet to see the same return in the metaverse and NFT areas. By the end of 2021, almost all major companies were working on NFT and metaverse projects. However, as the excitement faded, the largely forgotten metaverse space led to devastating sales for cryptocurrencies in this area.
Metaverse Company Sold
The Metaverse company Improbable, invested in by SoftBank and Andreessen Horowitz (a16z), sold its gaming unit MPG to the Irish video game company Keywords Studios for approximately 100 million dollars. The company, seeing the expected increase in demand for the coming years, will work to produce products in this field.
Although we saw many NFT-supported metaverse games in 2021, a significant portion of them did not survive the bear market. Worse, investors who believed in these projects with long-term expectations saw their investments plummet to zero.
MPG, with 360 employees in 34 countries, provides services to popular gaming companies including Activision Blizzard, Bethesda, and Epic. Improbable made a significant exit and will focus on products such as BoredElon, Forgotten Runes, and the eagerly awaited Otherside metaverse platform by Yuga Labs with the profits obtained from this sale.
Metaverse and 2024
In June, Improbable launched the distributed computing platform M2 Network and MML Stack to support the metaverse ecosystem. We should not forget The Metaverse Society, a think tank they established in May to research the metaverse and its social impacts. The company, seeing the bear market as an opportunity to build the future, may become more prominent in 2024 and beyond.
Improbable’s founder and CEO Herman Narula said;
“The Metaverse is preparing to grow in 2024 with the convergence of gaming, VR/XR, and web3 technologies. Products like Apple‘s Vision Pro and the success of Meta Quest 3 will further ignite 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 combine their resources and expertise to develop metaverse applications.”