The Web3 market registered strong growth in 2021, boosted by the rise of NFTs and positive outlooks from industry and financial analysts. CB Insights’ Industry Analyst Consensus, for example, reported that the metaverse could represent a $1tn market by the end of the decade*, and is not the most bullish in its predictions.
Here’s what we’ve announced and achieved this year in light of these developments:
Our Morpheus technology puts Improbable in a unique position in the burgeoning metaverse market as it solves the barriers of density and presence traditionally met in games and real-time experiences. We announced that our strategy is to double down on Web3 and become a metaverse technology company, to meet our founders’ original vision of creating incredible online worlds and help our clients explore the metaverse with ambitious projects of their own.
Our metaverse strategy triggers some changes in our organisation. We decided to dedicate our UK games studio and Morpheus technology resources to producing groundbreaking experiences as part of the Metaverse Group. As a result of this, we looked for partners for our two own first party games studios, and announce that we sold Inflexion Games to Tencent.
Our services business, Improbable Multiplayer Services (IMS), is reorganised and opened for business to customers beyond gaming who seek to engage in the metaverse, with the launch of new Web3 services.
In early April, we announced we raised $150m to establish and develop M² (MSquared), a network of metaverses powered by our Morpheus technology and new services designed to support interoperability, commerce in digital assets and governance in Web3. At the end of April, we also announced a partnership with Yuga Labs, to build and operate its highly anticipated metaverse, Otherside, on the M² network. Otherside will be fully interoperable with all other metaverses built on the M² network.
As a continued part of our metaverse strategy, we announced the sale of our other first-party game studio Midwinter Entertainment to Behaviour Interactive. In parallel, we’re working hard to find the right collaborations with brands interested in exploring the potential of the metaverse. Watch this (virtual) space!
*CB Insights’ Industry Analyst Consensus.