Peter Jackson, the Oscar-winning filmmaker of “The Hobbit,” said on Wednesday that he will sell his Weta Digital special effects studio to an American software startup that plans to utilize it to create a virtual reality “meta world.”
Unity Software, based in San Francisco, declared that the $1.6 billion (about Rs 11,896 crore) acquisition will “define the future of Metaverse,” an immersive 3D version of the Internet that is expected to transform workplaces and online relationships.
Weta’s technology, which has been utilized in blockbusters like The Lord of the Rings trilogy and Avatar, will allow subscribers to construct their own bizarre niches in the virtual world, according to the business.
“We are pleased to democratize these industry-leading tools and bring Sir Peter Jackson’s vision and Weta’s outstanding engineering talent into the lives of artists around the world,” Unity President John Riccitiello said in a statement.
According to the agreement, Unity will take over Weta Digital’s technology and engineering assets, while Jackson will retain majority ownership in WetaFX, an independent film effects firm.
The option to use Weta’s pioneering program, according to Jackson, is a “game-changer” for anyone working in the creative professions.
“Unity and Weta Digital can work together to make it possible for any artist in any business to benefit from this great creativity and strong tools,” he stated.
Metaverse is planned to grow into an online platform, allowing virtual interactions (such as talking with friends or attending concerts) to be replicated in real life.
It made news last month when Facebook renamed its parent company Meta to symbolize founder Mark Zuckerberg’s dedication to the concept.