Monday, September 25, 2023

Peter Jackson sells $1.6 billion ‘metaverse’ special effects firm

On Wednesday, Peter Jackson announced the sale of his Oscar-winning Weta Digital special effects company to a US software company developing the virtual reality “metaverse.”

“Shaping the future of the metaverse,” according to Unity Software, a $1.6 billion acquisition that will change workplaces and online interactions.

Subscribers can use Weta’s technology, used in films like “The Lord of the Rings” and “Avatar,” to construct their own ultra-realistic virtual environment.

Sir Peter Jackson’s genius and Weta’s tremendous engineering talent will be brought to life for artists everywhere, said Unity President John Riccitiello.

Unity acquires Weta Digital’s technology and engineering assets, but Jackson retains controlling ownership of WetaFX, a separate film effects firm.

Jackson called the chance to use Weta’s groundbreaking programmes a “game-changer” for creative professionals.

He added that Unity and Weta Digital could let any artist, from any profession, use these “extremely creative and powerful tools.”

Virtual activities like conversing with a buddy or watching a performance will be enhanced by the metaverse.

Last month, Facebook renamed its parent company “Meta” to reflect founder Mark Zuckerberg’s belief in the concept.

While Zuckerberg’s company has declared intentions to hire 10,000 workers in Europe to construct the metaverse, other digital companies are also vying for online supremacy.

A acquaintance who lives thousands of miles away could wear virtual reality glasses that make it appear as if they are face-to-face.

“The metaverse may help open new creative, social, and economic doors. And from the start, Europeans will shape it “A Facebook blog said.

In July, Zuckerberg projected that Facebook would evolve from “mainly a social media company to a metaverse corporation” in five years.

Facebook paid $2 billion for virtual reality headset maker Oculus in 2014 and has been working on Horizon, a digital environment where users can interact using VR technology.

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