Niantic, the developer of the popular mobile augmented reality (AR) game, plans to build a “metavers” with newly raised funds.
On Monday, the company officially announced that it had raised $ 300 million from technology-focused investment manager Kotoi, bringing the company to a value of $ 9 billion.
Cotoy, known as a major investor in the cryptocurrency and blockchain industry, supports companies such as the blockchain analyst firm Chainalysis, the start-up of the cryptocurrency Fireblocks and the blockchain security firm CertiK. The company also recently participated in a $ 555 million financing round for fintech startup MoonPay.
“Niantic is building an augmented reality platform for 3D world maps that we believe will play a crucial role in the next transition in computing,” said Matt Matzio, Coteo’s general partner. “We are delighted to partner with Niantic as we see that this infrastructure supports the real metaverse and helps drive the next development of the Internet,” he added.
Niantic has not explicitly stated that their metaverse will implement any aspects of blockchain technology, non-perishable tokens (NFT) or cryptocurrencies.
“We’re building a future where the real world is filled with digital creation, entertainment and information, making it more magical, fun and informative,” said John Hanke, founder and CEO of Niantic.
Unlike Facebook, which was renamed Meta in October to show its commitment to virtual reality, Niantic reportedly wants to develop technology that brings people closer to the outside world. At Niantic, we believe that people are happiest when their virtual world leads them to the physical. Unlike science fiction about the meta-verse, the meta-verse of the real world will use technology to improve our perception of the world as we have known it for millennia, Hanke said.
Kovato declined to comment on the investment in Cointelegraph. Niantic did not immediately respond to a request for comment.
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Launched in 2016, Niantic’s Pokémon Go is one of the most successful mobile games of all time, with a turnover that reportedly exceeded $ 5 billion earlier this year. Some players in the blockchain industry were inspired by Pokemon Go when IoTeX introduced its Pebble Go project with the goal of integrating real data into NFTs using verifiable GPS information.