Epic CEO: Metaverse is a multi-billion dollar opportunity

The Epic founder has reason to be bullish on the metaverse, as Fortnite, a game developed by his company, has rapidly grown from a popular multiplayer game to an online space where people socialize and music-industry biggest names hold concerts.

Competing with other universe-building games such as Microsoft’s Minecraft or Roblox, the game aims to pursue a vision of a virtual world where the virtual environment will become a platform for interacting with the internet and others, beyond web browsers and mobile apps.

“Over the next few decades, the metaverse has the potential to become a multi-billion dollar part of the world economy,” Epic’s CEO said at a conference in Seoul. “The next three years will be critical for all companies that aspire to enter the metaverse, such as Epic, Roblox, Microsoft or Facebook,” he explained. “It’s a race for billions of users, and whoever gets the first billion will be the presumptive leader that defines the standard.” For Sweeney, it’s a big deal with giants like Apple or Alphabet’s Google in the app store. The legal and rhetorical battles over payments and payments have partly fueled the company’s desire for the metaverse and a willingness to ensure there is a fair picture in those areas. this universe. “The Metaverse is an internet-like term. No company can own it,” warns Epic’s leader.

Epic’s metaverse strategy has two components: The first is to expand Fortnite from a game with 60 million monthly active players to an experience that could reach 1 billion players in the future, Epic’s CEO explained. Complementing this strategy, the company hopes to leverage content creation tools such as Unreal Engine for 3D graphics “to give all companies in the industry a real-time presence.” In this regard, Epic will face stiff competition from Nvidia, whose CEO is equally optimistic about Metaverse.

Even if Epic doesn’t create the final metaverse, Sweeney hopes software tools will make building blocks available, citing automakers as an example: They can use Unreal to visualize their product design and manufacturing process for later digital advertising. Fortnite added a drivable Ferrari to the game in July.

The company is working to “create a suite of digital assets that can be used in film and television and real-time gaming, from high-end consoles to entry-level smartphones,” Sweeney explained. He said that while it doesn’t see the need for specialized hardware such as augmented reality or VR glasses to access Metaverse, Epic is working with designers and manufacturers of such devices.

Epic intends to take a similar approach to another huge growth opportunity for game developers: China. The company this month abandoned years of efforts to get Fortnite approved in the country, but said it will continue to make its tools and software available to other creators who want to take advantage of them.

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