UK unicorn Improbable has strengthened its focus on the metaverse with the launch of a new think tank.
dubbed metaverse society, a think tank that explores the social and economic impact of early technologies. Improbable told TNW that he wants to develop use cases, demystify misconceptions, and mitigate risks associated with the metaverse.
“We want to help ensure that the Metaverse Earth lives up to its promise of being a network that unlocks creativity, social connection and economic opportunity,” said Herman Narula, founder and CEO of Improbable. ‘ said.
“The convergence of AI, Metaverse and blockchain technology offers a unique moment that creates a space where communities, content developers and brands can reimagine engagement, loyalty and culture. , should clear up some misconceptions surrounding the metaverse.
Impossible plans to announce a detailed activity schedule for the Metaverse Association at the end of June.
To begin with, the company will bring its own research portfolio to the think tank. This includes research into potential metaverse areas, a report on European regulation, and a new research memo that provides clues about Improbable’s evolving strategy.
“Without a blockchain-based solution, the metaverse would not be possible.
A new memo highlights the value of blockchain in making the metaverse decentralized, interoperable and monetizable.
“The Metaverse will rely heavily on blockchain technology, especially in terms of economic activity…Without blockchain-based solutions, the Metaverse would not be possible,” the authors write.
on the blockchain
The think tank and memo come out in the midst of Improbable’s major strategic shift. The company has been developing virtual worlds for over a decade, but has recently focused exclusively on the commercial metaverse.
As part of the shift, the SoftBank-backed company has scrapped plans to make its own video games. In December, the company also spun off the U.S. Defense Division, which provides war-game simulations for the military.
Caitlin Dorman, former president of the subsidiary, said Improbable decided to “refocus on its commercial metaverse business” in a need to “accelerate its path to profitability.”
Improbable is now focused on the metaverse infrastructure rather than internal gaming and defense. A key element of this effort includes blockchain technology.
In September, the Financial Times reported that Improbable was nearing a new €100 million funding round, which would value the company at more than €3 billion. The round was led by blockchain firm He Elrond.
Improbable is also developing M2, an interoperable metaverse blockchain-enabled network, and is working with the company behind the Bored Ape NFT on virtual world projects.
The transformation to a blockchain-powered metaverse aims to eliminate Improbable’s operating loss. Narula said he expects the company to be profitable in 2023.