Improbable Creates Blockchain Game Project Valued at $1 Billion

One of the most lavishly funded European video game startups of recent years, Improbable Worlds Ltd., said it can bridge the two technologies that venture capitalists are most excited about right now: blockchain and the metaverse. As a result, its backers committed about $150 million to Improbable’s new project, M².

Pronounced “M Squared,” the blockchain-enabled system promises to allow different virtual worlds to connect with one another. The new investment—led by a pair of longtime Improbable backers, Andreessen Horowitz and SoftBank Group Corp.—values M² at $1 billion, Improbable said.

The deal offers a reset of sorts. Over a 14-month period starting in ...