Bandai Namco announced Tuesday that it plans to develop an "IP Metaverse" for its library of games, and is spending 15 billion yen (or 130 million USD) on the project.
First reported by VideoGamesChronicle, the three main goals of the metaverse project include connecting Bandai Namco with fans of their games, enhancing the value of Bandai Namco's IP, and connecting each IP's world into an interconnected universe known as the "ALL BANDAI NAMCO concept."
Bandai Namco also plans to invest 25 billion yen (or 216 million USD) to "maximize IP value" through new IP creation, "groupwide IP projects," and innovation.
The metaverse is a popular term in the tech and entertainment world for a persistent virtual world where people can interact with one another and various brands. Several major companies and brands are rushing to get in on the idea, including Disney, Epic Games, Microsoft, Facebook, and Square Enix.
"Through the IP Metaverse, we will establish communities among Bandai Namco and fans, as well as among fans themselves," Bandai Namco shared on its mid-term plan presented to investors. "Through these communities and content, we will build deep, broad, multifaceted connections that continue for long periods of time, and we will focus on the quality of those connections. In this way, we will work to maximize IP value over the medium to long term."
Bandai Namco's library of IP includes the Dark Souls and Elden Ring franchises, Pac-Man, Gundam, Dragon Ball, Soul Calibur, Katamari, as well as its library of classic games like Dig-Dug and Galaga.
"One of our strengths is the ability to foster connections with both digital elements, such as games and the metaverse, and physical elements, such as amusement facilities," Bandai Namco said.
The 15 billion yen will go towards developing something called the "data foundation (data universe)" and "development of content."
Bandai Namco concluded its mid-term plan by stating that realizing the metaverse concept is one of its three primary strategies for its digital business unit.
Joseph Knoop is a writer/producer for IGN.