The Metaverse and Web3 dominated discussions on the fifth day of the ongoing World Economic Forum (WEF). The panel discussion “The Possibilities of the Metaverse” featured Philip Rosedale, co-founder of High Fidelity; Pascal Kaufmann, founder of Mindfire Foundation; Peggy Johnson, CEO of Magic Leap; Hoda AlKhzaimi, assistant research professor at New York University, Abu Dhabi; and Edward Lewin, vice president of Lego Group. The main discussion revolved around the building blocks and prospects of the Metaverse. The panelists discussed the technical aspects, security and role of human sentiments in building a sustainable, augmented reality-based digital world. Responding to a question …

Epic Games, video game publisher behind popular PC and console game Fortnite, announced a $2 billion funding round with plans to accelerate the company’s vision to make its mark in the Metaverse. The deal, which is still subject to customary regulatory approvals would bring Epic's equity valuation to $31.5 billion. This round includes a respective $1 billion investment from existing investor Sony Group Corporation and from KIRKBI, the holding company behind the LEGO Group. Sony, the company behind PlayStation consoles, also invested $200 million into Epic in April, 2021. According to a statement, the three partners plan to combine expertise …