JAKARTA - Niantic, the developer of the popular augmented reality (AR) mobile game Pokemon Go, plans to build a "real world" metaverse with their newly raised funds.
The company officially announced on Monday 29 November that it was finalizing a $300 million increase from technology-focused investment manager Coatue, bringing the company's valuation to $9 billion.
Coatue is known as a major investor in the cryptocurrency and blockchain industry, supporting companies such as blockchain intelligence firm Chainalysis, cryptocurrency startup Fireblocks, blockchain security firm CertiK and others. The company also recently participated in a $555 million funding investment for cryptocurrency fintech startup MoonPay.
“Niantic is building a platform for AR based on a 3D world map that we believe will play an important role in the next computing transition,” said Coatue general partner Matt Mazzeo, as quoted by Cointelegraph.
“We are excited to partner with Niantic as we see this infrastructure supporting the metaverse for the real world and helping to support the next evolution of the internet,” he added.
Niantic does not explicitly say that its metaverse will implement any aspect of blockchain technology, nonfungible tokens (NFT) or cryptocurrencies.
“We are building a future where the real world is layered with digital creation, entertainment and information, making it even more magical, fun and informative,” said Niantic founder and CEO John Hanke.
Unlike Facebook, which changed its name to Meta in October to signify its commitment to virtual reality development, Niantic is reportedly looking to develop technology that brings people closer to the outside world.
“At Niantic, we believe that humans are the happiest when their virtual world brings them into the physical world. Unlike the sci-fi metaverse, the real-world metaverse will use technology to enhance our experience of the world as we have known it for thousands of years,” said Hanke.
Coatue declined to comment on how much he invested in Cointelegraph. Niantic also did not immediately respond to a request for comment.
Launched in 2016, Niantic's Pokemon Go is one of the most successful mobile games of all time. The game, reportedly surpassed the $5 billion mark in revenue earlier this year.
Some players in the blockchain industry have even been inspired by Pokemon Go, with the company IoTeX introducing the "Pebble Go" project, which aims to incorporate real-world data into NFTs using verifiable GPS information.
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