Lego Prepares Metaverse Collaboration With Epic Games To Target Digital Markets – Metaverse Bitcoin News

Lego, the Danish toy company famous for its colorful plastic bricks, expects to diversify its portfolio of entertainment offerings, targeting the metaverse. The company is preparing to present a virtual world in partnership with Epic Games, the game engine company, to continue increasing its market share and growth streak by entering new digital markets.

Lego to present the Digital World Initiative

Lego, the interlocking toy brick company, is preparing to unveil details of a metaverse initiative built in partnership with Epic Games, the company behind Fortnite, according to the Financial Times. The move would clarify the company’s future actions towards establishing a presence in virtual worlds, targeting users in digital markets.

The company’s strategy is to continue to grow by offering Lego products in such markets, helping users recognize the brand even online. Niels Christiansen, CEO of Lego, spoke about the journey the company is taking to achieve this new goal. Christiansen stated:

We know very well how to immerse consumers in the Lego universe in stores. We work very hard to create that feeling of entering the universe of the Lego brand, also digitally.

Lego grew significantly in the past year, with revenue up 17% compared to 2021, boosted in part by strong sales in Western Europe and the Americas. Consumer sales also increased by 12% during 2022.

A focus on digital spaces and the metaverse

While other companies have slowly shifted their resources away from metaverse initiatives, like Microsoft and Tencent, Lego is doubling down on the idea of ​​constructing digital spaces for children.

Last April, the company invested $2 billion in Epic Games in partnership with Sony, with the idea of ​​building its own metaverse platform to bring children closer to the brand in safe and secure virtual spaces designed especially for them.

In addition to this investment, the company has increased hiring to develop internal digital experiences since May, when it informed that it aimed to triple the number of software engineers to take a physical and digital approach and no longer see these as separate areas of its Corporation.

Speaking at the time about the strength of the company’s digital push, Christiansen stated:

On the digital journey, we’re really increasing and increasing our capabilities, and we’re insourcing capabilities that were done by consultants before … Today, it’s our biggest single investment.

However, the company is also optimistic about the future of retail and has also increased the number of brick-and-mortar stores, opening 155 new outlets by 2022.

What do you think of Lego’s digital and metaverse focus? Let us know in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer to the cryptosphere when the price surge occurred during December 2017, he has a computer engineering background, lives in Venezuela and is affected by the cryptocurrency boom on a social level, offering a different point of view about crypto success and how it helps the unbanked and underserved.

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