When Crysis Developers, Crytek, announced last month that they would speed up development of a new console compatible grpahics engine, I don’t think we quite expected it to surface so soon. CryEngine 3 was confirmed yesterday and will be first demonstrated publicly later this month at GDC. The engine will rival the very popular Unreal engine and support PS3, XBOX 360 and PC (DX9/10). Crytek themselves say that their new engine is the only one developed for the 8th Generation of gaming.

The engine is designed to be suited to a variety of dynamic genres: MMOs, RPGs,FPSs etc. Details can be found at Joystiq.

Via. Joystiq