https://ift.tt/xwd4thR Ring Publisher Launches $24 Mln Metaverse Venture

Bandai Namco, one of the largest videogame makers in the world, said on Wednesday it had established a fund to invest in web3 and metaverse technology. The company will invest about 3 billion yen ($24 million) over the span of three years.

The fund is a part of a broader push by the videogame giant into web3 and metaverse gaming. The company plans to build metaverses centered around its own intellectual property, it said in a press release.

Bandai holds the rights to several famous Japanese properties, including Gundam, Dragon Ball, and most recently, From Software’s Elden Ring. Its announcement today highlights the growing interest in blockchain gaming from traditional videogame developers.

Bandai Namco no stranger to the metaverse

The company, which is also the second-largest toy maker in the world, has positioned its metaverse and web3 ventures as a priority over the next three years. It also plans to invest heavily in virtual and augmented reality technology.

But Bandai’s announcement today is not its biggest commitment to web3. In February, the firm said it will spend about 15 billion yen ($130 million) to set up a metaverse focussed on Gundam, one of its most popular properties.

Last month, the firm also said it would participate as an initial validator in videogame-focussed blockchain Oasys.

Traditional videogame makers invest in blockchain

Bandai’s move is the latest in a long list of videogame developers investing in web3 and blockchain games. Earlier this week, Fortnite developer Epic Games said it had raised $2 billion from Sony and Lego owner KIRKBI to build metaverse-related games. Epic is also building a Lego-themed metaverse.

French videogame giant Ubisoft has established partnerships with The Sandbox, as well as Sky Mavis, the creator of Axie Infinity. Ubisoft also invested about $60 million in venture capitalist White Star Capital’s newly-established crypto fund.

Earlier this year, Krafton, developer of the wildly popular PUBG game, announced a partnership with Solana Labs. The two will collaborate on building blockchain games and a metaverse.