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.
The post Animoca Brands Slashes Target of Metaverse Fund by 20%: Report appeared first on CryptoPotato.
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