Sony and LEGO Group invest $2 billion in Epic Games to fund Metaverse plans

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2022-04-13 06:29:15

Epic Game, the company behind the hit game Fortnite, has been valued at $31.5 billion after a funding round from Sony and the LEGO Group.

Epic Games has announced a $2 billion funding round with plans to accelerate the company’s vision to make its mark in the Metaverse. The funding round includes investments from Sony Group Corporation and KIRKBI, the parent company behind LEGO Group, with $1 billion each. Before that, Sony also invested $ 200 million in Epic from April 2021.

Announcement from Epic Game on the official Twitter page

Accompanying the investment is a partnership between three of the world’s leading corporations to develop initiatives to build new immersive, digital experiences specifically for children in the Metaverse. The idea is to give customers access to a “safe engine” that offers opportunities for both creators and players.

See also: Knowledge of metaverse

Tim Sweeney, CEO and founder of Epic Games stated that the investment will be aimed at “creating a space where users can engage with friends. Brands can creatively build immersive experiences for customers. All individuals here will work together to build and develop a strong community.” The official announcement from Epic and the LEGO Group follows the fundraising to announce the aim of making Metaverse “safe and fun for kids”. They intend to build tools that give children the power to “creat confidently” in a positive and friendly digital space.

Niels B Christiansen, CEO of the LEGO Group, said of the new partnership:

“Children love being in the digital world. We believe they have great potential to develop skills such as creativity, collaboration and communication through digital experiences. But we have a responsibility to make this environment safe, stimulating and beneficial for the children. With generations of LEGO history and experience working with children’s customers, we are committed to doing the same for digital games. The Group looks forward to working with Epic Games to shape this exciting future.”

Specifically, the LEGO Group and Epic Games have agreed on principles based on the “safety” of digital spaces as follows:

  • Protect children’s right to play by making safety and welfare a priority
  • Protect children’s privacy by putting their best interests first
  • Empower kids and adults with tools that put them in control of their digital experiences

Epic Games has also developed the Unreal Engine, one of the largest platforms used to create games, on par with Microsoft and Valve. Its latest update, Unreal Engine 5, facilitates NFT-based P2E game programming.

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