MSquared, which is a separate business entity from Improbable, raised $150 million from investors last year.
"The purpose of the metaverse is to enable new interactive entertainment experiences," Herman Narula, Improbable's co-founder and CEO, told CNBC.
Entities will be able to build metaverse experiences using Improbable's Morpheus technology, which is designed to host mass-scale multiplayer online games, Improbable said.
What Improbable is buildingImprobable said there will be four categories of participants that take part in MSquared: metaverse owners, content creators, service providers and users.
WATCH: SoftBank-backed startup Improbable launches MSquared metaverse
Persons:
Herman Narula, Improbable's, Narula
Organizations:
Meta, Microsoft, Google, Nvidia, Netflix, Developers, CNBC, Yuga
Locations:
Lisbon, British, MSquared