Improbable, a metaverse firm backed by SoftBank, has recently sold its multiplayer games developer, The Multiplayer Group (MPG), to Keywords Studios, an Irish video game industry services company, for $97.1 million. This sale is in line with Improbable’s venture builder strategy, but analysts have expressed concerns about the company’s ability to commercialize its technology efficiently due to perceived technical limitations and high costs.

Greg Martin, co-founder and managing director of Rainmaker Securities, stated that Improbable’s business model remains uncertain, raising doubts about its viability moving forward. However, Improbable’s CEO, Herman Narula, clarified that the sale of MPG does not indicate a withdrawal from the gaming sector, emphasizing that it is part of their venture builder strategy.

In 2023, Improbable hosted 30 metaverse events, with plans to increase this number to 300 in 2024, aiming to create a network of sovereign metaverses. Founded in 2012, Improbable has received funding from various investors, including SoftBank.

European Union lawmakers are pushing for the EU to lead the development of virtual worlds to enhance EU businesses and reduce reliance on non-EU countries. This initiative, supported by the European Parliament’s Committee on internal market and consumer protection, highlights a strategic shift towards embracing the metaverse as a crucial component of Europe’s digital future.

The committee’s report emphasizes the need for a strong regulatory framework to support virtual world development, especially since most companies in the metaverse space are located outside the EU.

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