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Metaverse: Niantic is worth $9 billion

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With a new round of funding, Niantic, the creator of the famous AR mobile game Pokemon Go, intends to establish a “real world” metaverse. The company’s new metaverse project has received $300 million from prominent crypto-investor Coatue.

The company stated on Monday that it has closed a $300 million funding round with Coatue. Which is a technology-focused investment firm, increasing its total worth to $9 billion.

niantic metaverse

Coatue is a well-known investor in the crypto-currency and blockchain space. It has backed startups including Chainalysis, a blockchain analytics firm, Fireblocks, a crypto-currency startup, and CertiK, among others. Furthermore, MoonPay, a crypto-currency financial firm, just received $555 million in capital from the corporation.

3D global map, AR technology.

“Niantic is developing a 3D global map using AR technology that will play an important role in the next computing revolution,” said Matt Mazzeo, Coatue’s general partner.

“We’re pleased to collaborate with Niantic”. “We see this infrastructure enabling a real-world metaverse and powering the next development of the Internet,” he says.

However, Niantic did not clarify whether their metaverse would use blockchain technology, non-fungible tokens (NFTs), or crypto-currencies specifically.

“We’re creating a future in which the physical world filled with digital inventions, entertainment, and information, making it more magical, enjoyable, and educational,” said John Hanke, Niantic’s founder and CEO.

Unlike Facebook, which rebranded itself Meta in October to emphasize its dedication to virtual reality development, Niantic wants to create technology that connects individuals to their surroundings.

“We at Niantic believe that people are happiest when their virtual world leads them to the real world. A real-world metaverse, unlike a science fiction metaverse, will use technology to enhance our understanding of the universe as we’ve known it for thousands of years “Hanke remarked.

Niantic’s Pokemon Go, which was released in 2016, is one of the most popular smartphone games of all time. It had reported $5 billion in revenue earlier this year.

Pokemon Go has inspired some in the blockchain business, with the company IoTeX launching its “Pebble Go” project. Indeed, it intends to merge real-world data into NFTs using verified GPS information.

For MetaNews.

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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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