The excitement around cryptocurrencies has been rekindled for months, yet the same resurgence has not been seen in the metaverse and NFT spaces. By the end of 2021, almost all major companies were working on NFT and metaverse projects. However, with the waning excitement, the largely forgotten metaverse space has led to devastating sales for the cryptocurrencies in this area.
The Metaverse company Improbable, which received investments from SoftBank and Andreessen Horowitz (a16z), sold its gaming unit MPG to Irish video game company Keywords Studios for approximately 100 million dollars. The company will try to produce products in this area, anticipating an expected increase in demand in the coming years.
In 2021, we saw many NFT-supported metaverse games, but a significant portion of them could not survive the bear market. Even worse, investors who believed in these projects with long-term expectations watched their investments plummet to zero.
MPG, with 360 employees in 34 countries, serves popular gaming companies such as Activision Blizzard, Bethesda, and Epic. Improbable will focus on products like BoredElon, Forgotten Runes, and the eagerly awaited Otherside metaverse platform by Yuga Labs with the profits obtained from this sale.
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 sees the bear market as an opportunity to build the future and may become even more prominent in 2024 and beyond.