Infinite Reality (iR), a metaverse entertainment and production company, lately entered into an agreement to achieve esport conglomerate ReKT Global, Inc. for $470M.
The deal, to be settled in stocks, will integrate the offices of both companies and blend ReKT Global’s esports properties into iR, involving its esports team franchises, skill management, technology products, and marketing services.
ReKT is renowned for its esports teams, involving the Call of Duty League Team London Loyal Ravens & Team Rogue. As reported by the company’s website, the Rogue team has won 14 world titles and 23 important championships. With the deal, iR will acquire offices in LA, Las Vegas, New York, London, Charlotte and Berlin as well.
Infinite Reality (iR), was created from the combination of social e-commerce platform Display Social, the entertainment production company Thunder Studios, and metaverse creator Infinite Metaverse.
The achievement, that seems like a huge deal for esports and the metaverse fans, will let iR to extend its platform, that currently includes social, virtual, gaming, NFT mining, remote production, content, and metaverse creation.
The founder of ReKT Global stated that the company is interested about the combination and that the “Metaverse sector” was something they aimed to contribute to. Though he did not announce any certain plans, he mentioned that fans are being “surely happy”, with what is to come in the following few months.
Gaming is a big part of Web3
This is the initial major combination we have seen between a Metaverse developer and an eSports platform. Nevertheless, gaming has played a big role in the growth of the Metaverse since the start, and we continue to see advancement in this sector week after week. In deed, as reported by Bloomberg research, games could account for $400 billion of the Metaverse sector’s revenue by 2024.
Here are some of the latest gaming and web3 titles:
• Gaming creator of PUBG Krafton steps into NFTs and Metaverse
• GameStop releases $100 M fund to promote gaming NFTs
• A16z builds a $600 M Web3 gaming fund
• Gamestop releases gaming NFT market on Loopring
• Immutable reveals $500 M fund for NFTs and gaming.
Even though gamers criticize Web 3 and NFTs for different reasons, involving the environmental impacts and for over-motivation play-to-earn games, there is still a big push into Web 3 from gaming companies, as obvious from the millions of dollars being invested in the space.
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