Epic Games Store is a marketplace for downloading and purchasing video games. The platform was launched in 2018 and allows users to buy the digital version of a game using a desktop client. They can then save it to a library and download it whenever they wish.
EPIC GAMES METAVERSE
Epic Games announced on April 13th, 2021 that it had closed a $1 billion funding round. This will enable the company to continue its growth plans. Epic’s equity value is now more than $28.7B.
The round also includes a $200M strategic investment by Sony Group Corporation. This builds on their already strong relationship and strengthens their common mission to advance technology, entertainment, and socially connected online services. Appaloosa and Baillie Gifford are also investment partners. Fidelity Management & Research Company LLC is GIC. T. Rowe Price Associates advises funds and accounts. The Ontario Teachers’ Pension Board manages funds and accounts. Luxor Capital, Luxor Capital, Park West and KKR, AllianceBernstein, and Altimeter are also funding managers. Epic has a single class remaining of common stock and CEO Tim Sweeney is the controlling shareholder.
“We are grateful for our existing and new investors who support our vision of Epic and the Metaverse. Their investment will accelerate our work in Fortnite, Rocket League, and Fall Guys while giving developers and creators the tools they need with Epic Online Services, Unreal Engine, and the Epic Games Store,” stated Tim Sweeney CEO and Founder of Epic Games.
“Epic continues to deliver innovative experiences through their array of cutting-edge technologies that support creators across gaming and the digital entertainment industry. We are thrilled to expand our partnership to provide new entertainment experiences for people all over the globe. This aligns with our purpose of filling the world with emotion through the power and creativity of technology,” stated Kenichiro Yoshida (Chairman, President, and CEO, Sony Group Corporation).
STEAM AND EPIC GAMES Metaverse NFT & BLOCKCHAIN INCORPORATION
In other news, Steam recently updated its requirements and announced that it will ban games that use NFT or blockchain technology. These are two hot topics right now. According to its website, the platform has banned all games that allow or facilitate the exchange of NFT or cryptocurrencies.
Epic Games has been quick to make a Twitter comment, appealing to developers who aren’t able to continue their projects on Valve. Epic Games could be a major competitor by allowing NFT and cryptocurrency access.
“The company does not want to disrupt the existing rules of its store. It will clarify these rules and work with developers to learn how they intend to use blockchain technology to their games.” This statement was made by Tim Sweeney (CEO of Epic Games), to The Verge.
Sweeney tweeted additional thoughts after the publication of the story. He welcomed “innovation in areas of technology and finance”. This suggests that blockchain doesn’t necessarily have to be good or bad.
In a tweet, he also stated that the Epic Games Store would welcome any games using blockchain technology provided they adhere to all applicable laws, disclose their terms and are rated by the appropriate groups. Although Epic does not use crypto in its games, we welcome innovations in technology and finance.
Age of Rust is one of the affected video games. It reported in a tweet that following the Steam ban the developers had to remove their Blockchain-related products from the platform. The argument made by the platform to the developers was that Steam doesn’t allow items with real-world value.
The Epic Games Metaverse is a very exciting development in the blockchain space & we can’t wait to see what’s next!
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