High Fidelity announced that it has invested in Linden Research, Inc. (“Linden Lab”), the leading developer of the Second Life virtual world. The deal includes a cash investment and distributed computing patents. High Fidelity’s metadatabase team members will join the company, and Philip Rosedale, the founder of both companies, will rejoin Second Life as a strategic advisor.
The transaction will help Second Life further scale its operations and fulfill its commitment to growing an inclusive and diverse meta-universe.
Philip Rosedale, Founder of Second Life and Co-Founder of High Fidelity, gave the following words in his speech:
“No one has come close to building a virtual world like Second Life. Big Tech giving away VR headsets and building a metaverse on their ad-driven, behavior-modification platforms isn’t going to create a magical, single digital utopia for everyone. Second Life has managed to create both a positive, enriching experience for its residents — with room for millions more to join — and built a thriving subscription-based business at the same time. Virtual worlds don’t need to be dystopias.”
Brad Oberwager, President of Linden Lab, added:
“Since Philip started Second Life in 1999, its visionary approach has not only stood the test of time, but positioned it for the future. He and the High Fidelity team have unmatched experience and I can’t wait to capitalize on the vast opportunity in front of us.”
Currently, in its 19th year of operation, Second Life has had one of its most vital years ever, with a growing user base and a booming economy that includes 345 million virtual goods, real estate, and services transactions, and an annual GDP of $650 million. With 8 million unique products sold on the marketplace, more than 2 billion user-created assets are within Second Life.