Tech giant Microsoft disclosed acquiring one of the biggest game publisher companies, Activision Blizzard for around $68.7 bln. Microsoft said that the move is a step towards entering the metaverse.
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Metaverse is a virtual environment where users interact via 3D avatars. Fungible and non-fungible crypto assets and blockchain play a significant role in the virtual space as they provide interoperability platforms and digital property rights. In the post, Microsoft said that by the deal, it will start developing blocks for the metaverse.
With the move, Microsoft will turn into the world's 3rd largest gaming developer after Tencent and Sony.
Currently, Microsoft’s valuation is above $2.3 T. Activision Blizzard’s CEO Bobby Kotick will keep serving as the company's CEO.Blizzard will help to speed up Microsoft's business advancement.
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The chairman and CEO of Microsoft, Satya Nadella, finds that presently, gaming is the most dynamic part of entertainment. The sphere will play a central role in the growth of metaverse protocols. He added that by investing in various projects, Microsoft aims to be a part of a new era of gaming.
Microsoft also cooperates with the blockchain software technology Consensys to offer Ethereum-based blockchain service.