‘The Lord of the Rings’ filmmaker sells special effects studio for $1.6 billion to metaverse company

New Zealand filmmaker Peter Jackson, director of the “Lord of the Rings” trilogy, announced this Wednesday (10) the sale of his special effects company Weta Digital to an American group interested in using it to develop the “metaverse”.

Buyer Unity Software, based in San Francisco, said the $1.6 billion (BRL 8.7 billion) operation will “define the future of the metaverse”, an immersive 3D version of the internet it intends to transform work and virtual interactions.

The group noted that Weta’s technology, used in box office hits like “The Lord of the Rings and “Avatar,” will allow its customers to create their own ultra-realistic virtual world space.

“We are excited to democratize these tools and bring the genius of Sir Peter Jackson and Weta’s incredible engineering talent to artists everywhere,” Unity President John Riccitiello said in a statement.

Under the agreement, Unity takes over the technology and engineering assets of Weta Digital, which is based in Wellington, New Zealand, while Jackson retains majority ownership of the company WetaFX, which specializes in film special effects.

Jackson said the opportunity to use Weta’s innovative programs was transformative for those working in the creative industries.

“Together, Unity and Weta Digital can create a path for any artist, in any industry, to use these incredibly creative and powerful tools,” he said.

Analysts believe the metaverse will be designed to become an online platform for virtual experiences — like chatting with a friend or watching a show as if you were on-site.

The theme came to attention in October, when Facebook changed the name of its parent company to “Meta” to reflect founder Mark Zuckerberg’s commitment to the concept.

Zuckerberg’s company has announced plans to hire 10,000 people in the European Union to build the metaverse, while other tech companies are racing to have a presence in this virtual world.