The team has a new owner.
Infinite Reality, a relatively unknown metaverse company, has acquired ReKTGlobal, the parent company of the London Royal Ravens, for $470 million in stock.
The deal will see Infinite Reality acquire all of the ReKTGlobal assets and brands, including the two esports franchises, as well as the multiple other business owned by the company.
For many years, ReKTGlobal has been steadily growing, acquiring businesses and becoming a serious player in the market. With ReKTGlobal being acquired by a company that is similar to what it has done in the past few years, the belief is that this will grow the companies owned by ReKTGlobal even further.
Steve Aoki, one of our investors, has built the A0K1VERSE, even though he wants to do something else. It makes perfect sense for us to get there quicker and faster, because we got talking after I met John.
Shah said that the strategy would not change and that they wanted to be a 10, 20, $30 company. We could only get to one or two billion in the next three years, but we can get there quicker and faster with John and the crew.
Fans of the London Royal Ravens will not see much change in the near future. The teams will have access to a massive studio in California that has been used for everything from music videos to esports events, and Shah hopes that should the team make it to the League of Legend World Championship in the States this year, they will be able to use the studio. In the day to day, little will change.
There will be no layoffs at all of the ReKTGlobal owned companies, with Shah stating that they will be looking to expand their staff group in many areas.
There is little information publicly available on who is behind Infinite Reality and where the money came from, but Infinite Reality CEO John Acunto says this is intentional.
The Infinite Reality is a brand new name that we did a lot of name changes. I am happy to hear that there is not a lot out there. After we pivoted from being a social network to being more metaverse focused and entertainment focused, we changed our name to Infinite Reality. In January, we acquired Infinite Reality, as well as the other companies that we acquired in that month.
John Acunto is the CEO of Infinite Reality.
The original product from the company that has now expanded to become Infinite Reality was a social network that paid those who posted on it a share of ad revenue. You could make money from ads shown to users who viewed your content if you created a particularly popular post.
Since deciding to focus on the metaverse, the company has acquired a number of businesses. Infinite Reality will be able to be traded on the New York Stock Exchange because of its merger with Universal Security Instruments. The company owns a number of assets.
When it comes to what Infinite Reality actually plans to do with the ReKTGloabl properties in the metaverse, neither party would go into specifics of any actual products or experiences that will be created, instead promising that more information on these projects would be coming soon.
The ReKTGlobal businesses are amazing and we want to amplify them and create adjacencies with the other businesses that we have. They all become one community in a metaverse, and they all work in an adjacent way.
The Infinite Reality team has created virtual metaverse experiences for events such as Burning Man, where you could log on, wander around and interact with other users.
It's not the kind of tech that many people claim the metaverse to be, after all games such as Second Life and even PS Home were doing the same thing. It is an interesting look at where the Infinite Reality company could be headed and the types of environments we could see the ReKTGlobal brands end up in.
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