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Epic Games and Lego to Build Metaverse For Kids Following Funding Round

Key Insights:

  • Epic, Sony, and Lego will team up to build a safe virtual world for kids.
  • Epic Games has raised $2 billion from the two investors.
  • Safety, privacy, and parental control will be features of the new virtual world.

 

The company behind the wildly popular Fortnite game has laid out its plans for Metaverse expansion following a massive funding round. The $2 billion cash injection came from entertainment giant Sony and Kirkbi, the parent company of the Lego Group, who put in $1 billion each.

In the April 11 announcement, Epic Games stated that the three companies highly value both creators and players. They aim to create new social entertainment exploring the connection between the digital and physical worlds.

The announcement comes just a few days after Epic revealed a Lego partnership that would involve the development of a Metaverse for kids. The company was valued at $31.5 billion following the raise.

Epic Games is no stranger to epic funding rounds. The firm raised $1 billion in April 2021, including $200 million from Sony.

Kenichiro Yoshida, Chairman, President, and CEO of the Sony Group Corporation, said that the firm wants to deepen its relationship in the Metaverse field before adding:

“We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”

Kirkby CEO Søren Thorup Sørensen added that a proportion of its investments is focused on trends the firm believes will impact the future world that children will live in. Epic Games CEO Tim Sweeney continued the narrative stating that the investment will accelerate its work to build the Metaverse.

Epic and Lego have yet to release details on what they have planned for their new virtual world. However, principles regarding child safety, privacy, and well-being were outlined as a priority. They would also equip children and adults with tools that give them control over their digital experience.

A Safer Virtual World

The Metaverse concept is a broad one, with several different companies planning to build their own versions of what a virtual world should be.

Safety and privacy concerns have already been raised, especially concerning companies such as Meta (formerly Facebook) that do not have the best track record regarding privacy and online security and protection, especially for minors.


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