The Web3 market registered strong growth in 2021, boosted by the rise of NFTs and positive outlooks from industry and financial analysts. The Web3 ecosystem has continued to grow in 2022, despite the crypto markets experiencing high volatility. While this has created difficulties for some projects, many others have continued to build and strengthen momentum for the metaverse.
Here’s what we’ve announced and achieved in 2022:
January
Our Morpheus technology puts Improbable in a unique position in the burgeoning metaverse market as it solves the barriers of density and presence traditionally met in games and real-time experiences. We announced that our strategy is to double down on Web3 and become a metaverse technology company, to meet our founders’ original vision of creating incredible online worlds and help our clients explore the metaverse with ambitious projects of their own.
February
Our metaverse strategy triggers some changes in our organisation. We decided to dedicate our UK games studio and Morpheus technology resources to producing groundbreaking experiences as part of the Metaverse Group. As a result of this, we looked for partners for our two own first party games studios, and announce that we sold Inflexion Games to Tencent.
March
Our services business, Improbable Multiplayer Services (IMS), is reorganised and opened for business to customers beyond gaming who seek to engage in the metaverse, with the launch of new Web3 services.
April
In early April, we announced we raised $150m to establish and develop M² (MSquared), a network of metaverses powered by our Morpheus technology and new services designed to support interoperability, commerce in digital assets and governance in Web3. At the end of April, we also announced a partnership with Yuga Labs, to build and operate its highly anticipated metaverse, *Otherside*, on the M² network. *Otherside* will be fully interoperable with all other metaverses built on the M² network.
May
As a continued part of our metaverse strategy, we announced the sale of our other first-party game studio Midwinter Entertainment to Behaviour Interactive. In parallel, we’re working hard to find the right collaborations with brands interested in exploring the potential of the metaverse. Watch this (virtual) space!
June
To continue to improve our understanding of people’s perceptions of the metaverse, we conducted research dedicated to Twitter conversations about the subject. It follows on from our earlier report on the attitudes of gamers and game developers towards the metaverse.
July
At the start of July, we unveiled Skyral, our synthetic environment development platform designed to help governments and defence agencies quickly build virtual copies of real places, and use them to plan, prepare and deliver a fast response to threats.
Then, on 16 July, we developed First Trip for Yuga Labs, a first glimpse into its metaverse, Otherside. The experience gathered over 4600 members of the Otherside community, the 'Voyagers', for a discovery of the project’s possibilities and potential of Improbable’s technology.
To be the first to know about Improbable news and be a part of the conversation, follow us on Twitter at @improbableio and @MSquared_io.