Peter Jackson sells special effects firm in $1.6 bn ‘metaverse’ deal

Peter Jackson sells special effects firm in $1.6 bn ‘metaverse’ deal

Under the deal, Unity takes over Wellington-based Weta Digital’s technology and engineering assets while Jackson retains majority ownership of a standalone film effects company WetaFX.

Wellingtton: New Zealand film director peter Jackson on Wednesday announced the sale of his Oscar-winning Weta Digital special effects business to a US software firm intent on using it to develop the virtual reality “metaverse”.

San Francisco-based Unity Software said the $1.6 billion acquisition would “ shape the future of the metaverse”, an immersive 3D version of the internet tipped to transform workplaces and online interactions.

The firm said Weta’s technology – used in blockbusters such as “The Lord of the Rings” trilogy and “Avatar” – would allow its subscribers to create their own ultra-realistic corner of a virtual world.

“We are thrilled to democratize these industry-leading tools and bring the genius of Sir Peter Jackson and Weta’s amazing engineering talent to life for artists everywhere,” Unity president John Riccitiello said in a statement.

Under the deal, Unity takes over Wellington-based Weta Digital’s technology and engineering assets while Jackson retains majority ownership of a standalone film effects company called WetaFX.

Jackson said the opportunity to use Weta’s ground-breaking programmes was a “game-changer” for those working in creative industries.

“Together, Unity and Weta Digital can create a pathway for any artist, from any industry, to be able to leverage these incredibly creative and powerful tools,” he said.

The metaverse is expected to develop into an online platform that makes virtual experiences – such as chatting with a friend or attending a concert – feel face-to-face.