After a year of outrageous returns associated with three of the real world sponsors of new blank check companies turn to the world of “Metaverse” in search of acquisition targets.
The three companies include one led by a former Sony PlayStation executive, another from the video game leader behind the Tomb Raider franchise; Noting that the two managers have great experience and skills, in addition to a highly successful career track record.
Nevertheless, for some observers, the new wave represents a model for companies chasing the “blank check” again, the latest futuristic trend, after the sector’s bets on green cars and crypto tokens failed.
This week’s volatility in tech stocks and metaverses may have made the situation more difficult for sponsors of so-called special purpose acquisitions (SPACs), which are down more than 40 percent overall from their peak in February.
That is the nature of the beast, says Matthew Tuttle, chief executive of Tuttle Capital Management,(TCM) which produces an index that tracks revenue for special purpose buyouts.
In this case, this game is Metaverse, a virtual reality world that people explore using headset systems currently controlled by Meta Platforms subsidiary Oculus and PlayStation VR. (PlayStation VR) from Sony.
Metaplatforms CEO Mark Zuckerberg calls this virtual world the “next frontier,” according to Bloomberg Intelligence’s calculations. Metaverse could become a $800 billion market by 2024.