Animoca Brands Slashes Target of Metaverse Fund by 20%: Report

Animoca Brands Slashes Target of Metaverse Fund by 20%: Report

Source Node: 2032033

Animoca Brands has established itself as one of the most prominent investors in NFT, blockchain gaming, and metaverse-focused firms. But its appetite for metaverse appears to have taken a hit.

In the latest development, the Hong Kong-based blockchain gaming giant has reportedly reduced the target for its metaverse fund by 20%. The report suggests that the company is scaling down its initiative in response to the volatility in the crypto sector.

  • The fund Animoca Capital, which was unveiled last November, had an initial target of around $2 billion but was later halved to $1 billion. According to Reuters, the latest reduction brings down its target to $800 million, meaning a 60% drawdown compared to the initial numbers.
  • In a previous interview, Animoca’s co-founder and executive chairman Yat Siu stated that the main focus of the fund is on digital property rights while providing opportunities to access Web3 companies remains the broader goal.
  • With no geographical restrictions, the exec added that the fund will prove to be a good entry point for Web3 businesses and investors.
  • The company had invested in over 380 companies, some of the prominent ones including Axie Infinity and OpenSea, with the vision to develop a metaverse that is based around blockchain tech, enabling users to purchase and trade digital assets in the form of NFTs.
  • Animoca raised $100 million in a funding round last summer from Singapore state-owned Temasek, which was deployed through convertible bonds.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

Time Stamp:

More from CryptoPotato