Infinite Reality Expects to Raise $128 Million From The SPAC Merger

Metaverse may not have a precise definition yet, but it does have a lot of admirers. Mark Zuckerberg, the Meta CEO, holds a long term vision towards the ultimate digital future where virtual spaces will play an important role. Recently, a metaverse-focused company, Infinite Reality, announced that they are going public through a Special Purpose Acquisition Company (SPAC). The organization has a target to raise $128 Million at $1.85 Billion valuation.

Infinite Reality Going Public

The company will merge with Newbury Street Acquisition Corporation (NASDAQ: NBST), an investment organization. The merger will allow Infinite Reality to work with mainstream brands like Warner Bros. Discovery Sports. The company took over ReKTGlobal for $470 million during July 2022.

Company’s CEO, John Acunto appeared during the GamesBeat Summit recently. He said that they will keep the financials confident. He added that they are “hyper accelerating into making immersive experiences for their clients”. Regarding the valuation change, he says that this explains how the “global macroeconomics” have changed valuation’s dynamics.

In context to whether the gaming sector will carve a path to the metaverse, John said that the deal with esports company, ReKTGlobal, is centered around linking the brands with immersive experiences. He thinks that the move will give a boost to the organization’s immersive experience offerings and commercial monetization opportunities.

Infinite Reality acquired ReKTGlobal to use it as a launchpad for their metaverse platform. The company is known for its metaverse applications but their properties are primarily situated in the gaming and esports space. They want to bring a direct revenue stream on their network through NFTs and other digital collectibles.

They also planned their data to be directly accessible to the brands active in their ecosystem. This would make them unique in contrast to other metaverse giants like Fortnite and Roblox, said Ellliot Jobe, CIO of Infinite Reality. Gaming and metaverse industries will possibly become a tight knit community collectively in future, where people can easily monetize their time and creations in virtual spaces through several platforms.

Current State of Metaverse

Recently, metaverse became Oxford’s second most popular word of the year in 2022, losing to “Goblin Mode”. It has become an emerging trend in the past few years and gained enormous popularity globally. One of the forecasts renders the sector to become an $800 industry by 2028. Several industries are expressing great interest to flourish their business in digital spaces.

According to the latest data, Metaverse currently holds 400 Million monthly active users on the network. Roblox holds a lion’s share in the figure with 230 Million users in the ecosystem. Currently the entire industry is valued at $47.48 Billion this year. The sector generated the majority of revenue streams via advertisements in 2021, producing $114.93 Billion in the year.

As of now, Sandbox dominates the virtual real estate arena with around 62% market share. The Information Technology (IT) sector remains the biggest investor in the metaverse followed by education, finance, marketing and health.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.