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Animoca Brands to raise $2 billion for metaverse investments

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Hong Kong-based blockchain gaming group, Animoca Brands, has set plans to launch a $2 billion fund for metaverse investments. The purpose of the fund is to develop the web3 ecosystem and “to create an active market rather than pursuing returns,” according to the company’s CEO Yat Siu.

Disclosing in an interview with an Asian media outlet, the CEO said Animoca Brands would launch Animoca Capital, a fund for investment expected to commence next year. 

Metaverse is a virtual reality space where users can interact and have a seemingly real-life experience. The Sandbox is one of Animoca Brands’ most known products. It is a metaverse game that allows users to buy digital lands and interact using NFTs. “The company has made about 380 investments in Web3 businesses,” the Asian media disclosed

Siu added that the focus would be on digital property rights referencing the “NFT metaverse” and “open metaverse” businesses. Siu and his fund manager partner will manage the targeted fund, and there will be no geographical limitations for investment targets, Siu said. 

Animoca Brands, as believed by the CEO, is now more mature and, therefore, “needs a separate investment vehicle to pursue capital efficiency.” The CEO said the fund would be focused on equity optimization.

Highlights of the company’s interest in raising a metaverse investment fund, according to Siu:

  • To create more opportunities for investors to access Web3 companies. 
  • A good entry point for Web3 businesses. 
  • A vehicle for Animoca to advance long-term goals.

Yat Siu further mentioned in the interview that Animoca would contribute $10 million to the Binance-led Web3 Industry Recovery Initiative and might increase its contribution following how the situation plays out.

Regarding relisting on the stock exchange, Siu said, the company will be listing, but at a later time and “not in this market”.

Read also; 

Uniswap launches NFT Aggregator 

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  1. Pingback: Animoca Brands to raise $2 billion for metaverse investments by Ifeoma Joy Okorie – CryptoTvplus Events: NFT, DeFi, Bitcoin, Ethereum, Altcoin Events

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