Niantic, creator of Pokemon Go, set to build a metaverse
Niantic, the firm behind one of the most famous Augmented Reality (AR) mobile games, Pokemon Go, has secured fresh funding as it sets foot on a new journey. As per their recent announcement, the firm is looking to build a "real-world" metaverse using the funding.
Niantic raises $300 million
As per the announcement, Niantic secured $300 million from technology-focused investment manager Coatue. The company is now evaluated at $9 billion, marking a new milestone for the Pokemon Go creator."We're building a future where the real world is overlaid with digital creations, entertainment, and information, making it more magical, fun, and informative," said John Hanke, Niantic Founder, and CEO.Coatue stated that they are interested in plans of Niantic and building an AR-based platform using "a 3D map of the world that we believe will play a critical role in the next transition in computing," claims Matt Mazzeo, a General Partner at Coatue.
Coatue is a prominent DeFi investor who earlier backed Chainalysis, Fireblock, CertiK, and many more firms, but the firm is yet to explain the project's specific details.
Metaverse craze is unwavering
The metaverse craze continues to attract those who think that the blockchain industry is much more than cryptocurrencies. Niantic doesn't want to blindly follow Facebook, which recently transformed into Meta, but wants to focus more on the real-world applications of the metaverse.The firm wants people to experience what they have been experiencing for thousands of years in a better and pleasant way. Talking about his vision for the company and its new venture Hanke said that "at Niantic, we believe humans are the happiest when their virtual world leads them to a physical one."
A metaverse is a place where anyone can connect to their friends or strangers via the internet, buy, sell, or create content, and experience an entirely different world. Recently, The Sandbox also raised a whopping $93 million in a funding round.
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