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).
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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://cryptopotato.com/animoca-brands-slashes-target-of-metaverse-fund-by-20-report/
- :is
- $1 billion
- $100 million
- $UP
- 000
- 1
- a
- access
- According
- added
- AI
- and
- Animoca
- animoca brands
- appetite
- around
- AS
- Assets
- Axie
- Axie Infinity
- background
- based
- BE
- Billion
- binance
- Binance Futures
- blockchain
- blockchain gaming
- Bonds
- border
- brands
- Brings
- broader
- businesses
- by
- capital
- chairman
- Co-founder
- code
- color
- Companies
- company
- compared
- content
- crypto
- crypto sector
- deployed
- deposits
- develop
- Development
- digital
- Digital Assets
- digital property rights
- down
- enabling
- enjoy
- Enter
- entry
- established
- Ether (ETH)
- Exclusive
- executive
- external
- Fees
- firms
- First
- For
- form
- Free
- from
- fund
- funding
- Funding Round
- Futures
- gaming
- geographical
- giant
- goal
- good
- halved
- Have
- Hit
- Hong
- HTTPS
- in
- Including
- Infinity
- initial
- Initiative
- internal
- Interview
- invested
- Investors
- ITS
- itself
- jpg
- Last
- latest
- like
- Main
- Margin
- meaning
- Metaverse
- Metaverse-Focused
- might
- million
- most
- NFT
- NFTs
- November
- numbers
- of
- offer
- on
- ONE
- OpenSea
- opportunities
- plato
- Plato Data Intelligence
- PlatoData
- Point
- previous
- prominent
- property
- Property Rights
- Prove
- providing
- purchase
- Reading
- receive
- Reduced
- register
- remains
- report
- response
- restrictions
- Reuters
- rights
- round
- scaling
- sector
- Share
- Singapore
- solid
- some
- special
- Sponsored
- state-owned
- stated
- Suggests
- summer
- Target
- tech
- Temasek
- that
- The
- Through
- to
- trade
- unveiled
- users
- vision
- Volatility
- Web3
- web3 companies
- which
- while
- will
- with
- Yat Siu
- Your
- zephyrnet