DoubleDown Interactive is the most recent iGaming company to enter the metaverse.
Epic Games, an American video game developer best known for its mega hit Fortnite, has received a $1.5 million investment from the Seattle-based corporation.
Since its release in 2017, the free-to-play game has increased in popularity, and it was recently noted as an example of a metaverse platform.
A metaverse is a network of 3D virtual worlds that users can interact with using virtual or augmented reality headsets. It’s like Facebook, but with the added benefit of being able to move around in it.
To that purpose, DoubleDown, a social casino game developer and publisher, along with a number of Korean internet and gaming companies, invested in Epic Games through a venture fund established and managed by Gorilla PE and NCore Ventures.
“We’ve been evaluating options inside the wider metaverse and feel this investment gives a compelling potential to increase company exposure,” DoubleDown said.
Epic Games’ Unreal Engine technology, a software framework used for building games and producing 3D graphics, was also highlighted by the iGaming company.
“This was an opportunistic investment for the company that was created by our Korean partners and allows us to acquire exposure to the quickly growing metaverse while we continue to examine M&A prospects that would be complimentary to our core business,” said DoubleDown CEO In Keuk Kim.
Although the concept of a metaverse has been around for decades, it has only recently acquired popularity in some quarters, such as the gaming industry.
Along with bitcoin, the metaverse is usually predicted as gaming’s next big thing, and some companies, including XR Casino, have tried to cash in on it.
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