Metaverse Company Sparks Excitement by Selling Gaming Unit for $100 Million
Improbable, a burgeoning metaverse company backed by SoftBank and Andreessen Horowitz, recently sold its gaming arm, MPG, to Keywords Studios for around $100 million.
This marks a significant profit from its initial $38 million purchase in 2019. MPG, with 360 employees across 34 countries, served major clients like Activision Blizzard and Bethesda.
Improbable’s shift aims to focus more on core metaverse initiatives, partnering with BoredElon, Forgotten Runes, and Yuga Labs for the Otherside metaverse platform.
They’ve launched platforms for interoperable metaverses and established The Metaverse Society to explore societal impacts.
Anticipating growth in 2024, they predict a blending of web2 and web3, selective capital investment, and VR headset-driven spatial computing. Gaming companies are set to integrate fresh experiences and prioritize web3 games in their portfolios.
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Herman Narula, Improbable’s CEO, foresees accelerated metaverse growth with technological advancements like Apple’s Vision Pro and Meta Quest 3.
He envisions seamless integration of metaverse elements into gaming offerings, fostering innovative startups by pooling resources.
Narula noted reduced losses due to their metaverse focus in the previous year and secured a $150 million investment in April 2022 for their metaverse network’s development.
Alexander Stefanov
Reporter at CoinsPress
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