MetaWorks Platforms, Inc. (MWRK) has announced its plan to acquire the assets of Apex VR Holdings, Inc., including the Metaverse Platform and its AI Avatar technology. This strategic acquisition will enable MetaWorks to further expand its presence in the Web3 space and enhance fan and user engagement across various sectors, including movies, music, and education.

The agreement includes the acquisition of UtopiaVR’s Web3 business metaverse platform, Chat GPT-powered AI avatar technology, and domain portfolio. Additionally, MetaWorks will gain access to a patent-pending IP technology related to metaverse haptics, offering future development and licensing opportunities.

By leveraging UtopiaVR’s AI-powered avatars and metaverse environments, MetaWorks aims to create immersive experiences in film, music, and education. It will immediately start building new metaverse experiences for the recently acquired Web3 and NFT movie assets, such as the upcoming film “The Skulleton” and the first-ever full-length NFT feature film, “Zero Contact.”

Scott Gallagher, President of MetaWorks Platforms, expressed excitement about the acquisition, stating that it represents a significant milestone for the company. He emphasized the importance of accessible and frictionless metaverse platforms and Web3 technologies that provide real value to users. With UtopiaVR’s platform being accessible from any smartphone, tablet, or PC without the need for expensive headsets, and by building on the Chat GPT powered AI Avatar technology, MetaWorks can create complete and compelling metaverse experiences that generate revenue.

The metaverse, often referred to as the next iteration of the internet or Web3, is a convergence of the physical and digital worlds. Valued at over $65 billion in 2022, the global metaverse is expected to exceed $900 billion by 2030. The media and entertainment sector is particularly poised for growth within the metaverse, with the anticipation of virtual concerts and events. AI-powered avatars will also play a crucial role in content creation, security, digital identity, and personalization within the metaverse.

MetaWorks Platforms, Inc., is an award-winning Web3 company that operates blockchain platforms in the entertainment technology space. Through its platforms and, MetaWorks empowers Fortune 5000 brands to create and monetize content, fostering deeper connections between fans and artists using Web3 technologies.