Thirdverse appoints Masaru Ohnogi as CEO to drive VR games forward

Thirdverse, one of Japan’s prolific virtual reality game companies, has appointed Masaru “Nogi” Ohnogi as CEO.

Ohnogi will become a representative director and CEO of the company on August 8 under a new management structure to strengthen its overseas growth strategy.

Under this new structure, Masaru Ohnogi, formerly director and chief business officer in charge of the U.S. studio, will take over from Hironao Kunimitsu, who will become representative director and chairman.

The company aims to achieve further growth in the U.S. market, the center of the VR industry, and torealize its mission of “creating a new virtual world for one billion people,” Ohnogi said in an interview with GamesBeat.

“I’ve been in the VR gaming industry since back in 2015 and started from the investment side with incubation and acceleration programs in Tokyo, Seoul and Helsinki,” Ohnogi said in an interview with GamesBeat. “I kept doing it and I got the ability to evaluate VR games. I love the games.”

Ohnogi said that the U.S. market has grown in importance over time and it makes sense to have the U.S. perspective for that reason. It is easier to understand the market from this perspective and to observe the mindset people have while playing VR games.”

Thirdverse has a few dozen people with a mix of employees and project contractors. Ohnogi said that marketing VR games is still challenging and so the company has been exploring better-known intellectual properties. The company recently shipped its Soul Covenant game based on an older non-VR title dubbed Soul Sacrifice.

While mobile games is a red ocean, VR games are a smaller market but with fewer competitors. It’s more like a blue ocean.

Kunimitsu helped pioneer modern mobile games in Japan by starting Gumi in 2007 in Tokyo, publishing games such as Brave Frontier. The company went public in 2014 and it grew to hundreds of employees.

An avid fan of the metaverse, Kunimitsu cofounded Thirdverse in 2020 to focus on VR, and started the Virtual Realty Fund, Gumi Cryptos Capital and other VR incubators. In 2021, Kunimitsu gave up all his roles in Gumi to run Thirdverse as the company raised a $20 million round.

Kunimitsu believed that technologies such as VR, gaming, and blockchain will usher in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One — and Japanese anime such as Sword Art Online. He wanted to make those worlds into something real.

Thirdverse went on to raise $15 million in 2022, $8 million in 2023 and $11.3 million in 2024.

Meanwhile, Ohnogi joined WebMoney in 2000. While involved in overall company management, he was instrumental in expanding annual sales to over 22 billion yen in approximately seven years. In 2007, he became the head of Lupicia’s U.S. subsidiary, managing five stores in California and expanding the e-commerce system and wholesale business.

In 2010, he was appointed President and CEO of Gcrest America, where he planned and operated the avatar community service “TinierMe,” gaining five million users in three years. In 2012, he joined Gumi, serving as executive officer and CEO of overseas subsidiaries, and later became the head of Gumi America.

He launched Seoul XR Startups and Nordic XR Startups, identifying local partners and speaking at over 30 conferences annually. He is well-versed in VR content and technology. Since October 2020, he has served as director and CBO of Thirdverse, overseeing the U.S. studio. He resides in Burlingame, California.

Ohnogi noted he has been working with Kunimitsu for about 15 years, ever since Gumi, and their skills are totally different. Ohnogi focuses on details and operating the teams for games and shipping each title, while Kunimitsu has focused on the vision. He said they have a good partnership and trust each other and will continue to operate together.

He said he is excited about the momentum of the Meta Quest 3 headset and the launch of the Apple Vision Pro, as well as opportunities in Asian countries such as China, where sales are picking up as the devices become cheaper.

“Mr. Ohnogi has been a colleague since my time as CEO of Gumi, and I am very pleased to see him appointed as representative director, president, and CEO,” said Kunimitsu, in a statement. “His extensive experience and deep knowledge are essential for Thirdverse’s next growth phase. This transition to a newmanagement structure is a significant step in our growth strategy.”

He added, “Together, we will strive to create cutting-edge futures and become pioneers in providing new experiences to users worldwide. With our strong team, we will continue to challenge ourselves to be the best in the world at Thirdverse. Please look forward to our continued growth. VR is Now.”

Ohnogi said, “In the U.S. market, the VR industry continues to grow rapidly, centered on Meta’s Meta Quest devices. In February of this year, Apple began selling its Vision Pro device in the U.S., and many other companies have announced their entry into the market, indicating further global market expansion.Additionally, it is very interesting that the VR market is rapidly expanding among younger users, particularly teenagers. VR offers a level of immersion incomparable to experiences from screens like TVs, PCs, and smartphones, captivating the new generation of users. At Thirdverse, we will continue to pursue new and astonishing VR entertainment and challenge ourselves to dominate the world as a Japanese company.”

Starting in August 2024, Thirdverse Inc. will relocate to “PMO Tamachi IV” to accommodate further growth and business expansion and to enhance the productivity and creativity of each employee and promote greater operational efficiency.

X8 has had more than 600,000 downloads to date.