Animoca Brands to raise $2 billion for metaverse investments
Friday, December 02, 2022
(CryptoTvplus by Ifeoma Joy Okorie) – 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.
