Once worth $3.5B, Rec Room is shutting its metaverse down on June 1; Snap buys some assets

This summer in Los Angeles, the world’s gaming and business leaders converge. Sign up for GamesBeat Summit, May 18-19 before it sells out and meet the most influential business leaders in the world.

Rec Room was valued at $3.5 billion in 2021 during the metaverse craze in the pandemic. But Seattle social gaming company is closing.

And the twist? Part of Rec Room will live on with Snap, which acquired some of the assets this evening.