Major companies like Sony, Lego and Alibaba are investing big money in the metaverse

The digital age continues to churn out new, emerging technologies at the speed of light, and just as the cryptocurrent continues to gather pace, many people are now looking towards the metaverse.

This ‘next big thing’ is unsurprisingly attracting a swathe of attention from some of the world’s major corporations, with the likes of Sony and Lego among the latest to dip into their pockets.

The Financial Times recently reported those two companies—or, specifically, Lego’s parent company, Kirkbi—have invested a combined $2 billion ($1 billion each) into Epic Games, the creators of Fortnite.

This, it seems, is with the intention of creating a metaverse targeted at children, with video game developers in a race to exploit this part of the market and get ahead of the competition.

COG Connected just recently brought you news on what the metaverse is and some essential facts to know about this burgeoning industry, but the fact is there’s still a lot of mystery to the expansion.

Essentially, though, these are decentralized hubs that will, in time, attract larger communities of online personas that can interact with one another and, of course, make transactions.

Users will be able to shop for clothes online (whether that’s for real-life purchases or just for digital avatars), use metaverse banks and even go to the casino. In that regard, one would be well-advised to check out a reliable metaverse betting and casino guide to ensure you know what you’re getting into.

The aforementioned deals between Epic, Sony and Lego valued the former at $31.5 billion and means Sony get a 4.9 per cent stake in the company, while Lego claim 3 per cent share.

Tim Sweeney, the founder and chief executive of Epic Games, said at the time of the agreement: “This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”

Lego had previously announced a long-term partnership with Epic Games with the vision of shaping the “future of the metaverse.” This is another hint at the as-of-yet untapped potential in this developing aspect of what looks sure to become a prominent part of daily life for many people.

It comes after Chinese technology giant Alibaba pledged $60 million into augmented reality glasses maker Nreal last month as they attempt to get in on the act as well.

While the metaverse is very much in its developing stages and remains an digital experience at present, innovations like Nreal’s glasses technology represent a key step in bringing it into the real world.

Wearers will be able to enhance the augmented-reality experience through a glasses uplink, which will present metaverse functionalities in the real world.

Some of the capabilities already being explored in this domain include allowing the user to attend virtual meetings ‘in person’ while on the go, while others have been tailored for electric vehicles.

There’s no doubt the metaverse is still in its infancy on the grand scale, but the growing levels of investment—not to mention the scale of those companies involved—hints a sleeping giant is about to awaken.