Animoca Brands Announces $2 Billion Metaverse Fund

Blockchain gaming giant Animoca Brands on Wednesday said it plans to launch an approximately $2 billion fund to invest in metaverse projects. The fund named Animoca Capital will be used to invest strategically to develop a Web3 ecosystem and create an active market rather than pursuing economic returns. Animoca has made massive investments in crypto projects despite the slowdown amid the bear market.

Animoca Brands Launching $2 Billion Fund

Global leader in gamification and blockchain technology Animoca Brands in a tweet on November 30 revealed plans to launch a fund of up to $2 billion to primarily invest in the metaverse business.

Animoca Brands co-founder and executive chairman Yat Siu in a recent interview with Nikkei asserts the firm aims to contribute to the metaverse. The firm is thinking about forming a fund called Animoca Capital to invest in these projects. Animoca Brands expects the funding amount between $1 billion to $2 billion. However, the team has decided to start investments in the next year.

“They want more direct exposure to mid- to late-stage companies, and this is the role of a fund.”

The fund would offer a good entry point for all Web3 companies. Furthermore, it will also focus on long-term goals where the company has digital property rights.

Blockchain Giant Aims Metaverse and Web3 Leadership

Animoca Brands is one of the most active investors in web3. In fact, the company has made over 60 investments in the first half of 2022, bringing its total investments to over 340 companies as of September. Its subsidiaries include metaverse gaming platform The Sandbox, Blowfish Studios, Grease Monkey Games, and Eden Games.

Animoca Brands was valued at $5.9 billion last July after raising $75.3 million. In early September, the firm received a $110 million round from investors, including Temasek and GGV Capital. Also, a $21 million capital injection later in the month.

Moreover, the company strengthened its strategic partnership with Japan’s leading crypto exchange Coincheck to drive massive adoption and user experiences of metaverse and NFTs in the country.

The post Animoca Brands Announces $2 Billion Metaverse Fund appeared first on CoinGape.