The update will be a "visually and technically enhanced" next-gen version of 'The Witcher 3"
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Next-gen fans can begin to rest easy and look forward. IGN is reporting that CD Projekt Red has announced a next-gen update of The Witcher 3: Wild Hunt that will be released for PS5, Xbox Series X and PC in the second half of 2021. Lead PR Manager of CD Projekt Red Radek Grabowski also confirmed this shortly after on Twitter.

The announcement was a part of a corporate statement that the company would be working on Cyberpunk 2077 and The Witcher games simultaneously beginning in 2022 and is stated to be a "visually and technically enhanced" version of The Witcher 3: Wild Hunt. The updated version will be available as a standalone purchase for PC, PS5 and Xbox Series X and as a free update for the game owners on PC, Xbox One and PlayStation 4.
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Fans of The Witcher 3: Wild Hunt can expect many technological advances in this next-gen update. CD Projekt Red says they are already developing the next-generation edition, which is said "to take advantage of the most powerful gaming hardware." Players can also expect much faster loading times across the entire game and each expansion to next-gen consoles and PC, and ray tracing, which should allow for a dramatically more lifelike feel to the already visually impressive game. Grabowski also adds in the statement that the update is "dedicated only to upgrading the current-gen version of the game when it is being played on the Xbox Series X and PlayStation 5 hardware."

Though an official release date has not been confirmed yet, nor pricing for next-gen users, Grabowski does ensure that the updated version will be released sometime in the second half of 2021.