Improbable Sells Web3 Gaming Venture, Predicts Robust Growth for Metaverse in 2024
Summary:
Improbable, a tech firm specializing in the metaverse, has sold its Web3 gaming venture, The Multiplayer Group (MPG), to Keywords Studios for £76.5 million ($97.1 million). The company forecasts significant growth for the metaverse and Web3 in 2024, driven by the amalgamation of gaming, VR/XR, and Web3 technologies. The Softbank-backed firm also predicts further consolidation in the gaming, Web3, and crypto sectors, resulting in a more robust startup ecosystem. In other developments, Improbable anticipates increased use of generative AI in content and business applications, as well as the emergence of AI-generated 3D interactive objects.
In a recent year-end statement, Improbable, a firm at the forefront of metaverse technology, revealed that it has offloaded its Web3 gaming enterprise, The Multiplayer Group, to Keywords Studios for a handsome sum of £76.5 million ($97.1 million). Improbable's co-founder and CEO, Herman Narula, hailed Keywords as a compatible business associate and expressed excitement over The Multiplayer Group (MPG) setting sail on a fresh journey. Keywords engages with prominent players in the gaming sector, including heavyweights like Activision Blizzard, Bethesda, Zenimax, Epic, and 2K.
Narula hinted that focusing on multiple domains, spanning sports, web3, and fashion, is ingrained in their company ethos, maximizing enduring value. He further highlighted that this agreement was in line with their venture plans targeted for the upcoming year. Improbable had first added MPG to its portfolio in 2019 after a transaction worth approximately £30 million. Improbable hasn't responded yet to requests by Cointelegraph for more details about the sale.
In related news, Improbable has forecast a robust trajectory for the metaverse and Web3 in 2024, disputing the arguments that label them "yesterday's news." Narula elaborated, "Fuelled by the integration of gaming, VR/XR, and Web3 technologies, the metaverse is ready for an expansion surge in 2024."
According to the predictions made by Improbable, which is backed by Softbank, there will also be greater consolidation within the gaming, Web3, and crypto sectors in 2024.This would yield a "stronger, more resilient, and more cohesive startup ecosystem." Improbable entered into a partnership with Major League Baseball (MLB) in 2023 to develop a digital baseball stadium for fans. Anticipating more blended experiences in physical and digital spheres, Improbable also expects increased deployment of generative AI in content creation and commercial applications. Peter Lipka, the company’s co-founder and chief operating officer, underscored the transformative influence of AI on business operations and predicted that AI would create 3D interactive objects in 2024.
Two GameFi executives, Yat Siu and Johnson Yeh, disclosed in a recent conversation with Cointelegraph, aligning with Improbable, that they foresee a greater number of users entering Web3 in the forthcoming year through blockchain games.
Published At
12/18/2023 1:01:01 PM
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