Animoca Brands is Building a $2 Billion Metaverse Fund
Animoca Brands is building a $2 Billion Metaverse Fund that will power the metaverse of the future. Animoca co-founder and Executive Chairman Yat Siu told the financial journal Nikkei Asia about the initiative in an interview.
The metaverse fund is to be called Animoca Capital and investments are set to begin in 2023. This will be a robust vote of confidence for an industry that is currently plagued with uncertainties.
The Animoca Metaverse Fund: What Does it Entail?
Animoca Capital will be focusing on projects handling digital property rights, particularly nonfungible tokens (NFTs) and metaverse businesses.
Unlike other venture capital (VC) firms that focus on immediate returns, Animoca Capital has long-range goals. Animoca wants to be the entry point for the Web3 industry. To realize that goal, the Animoca Metaverse Fund will be focusing on “equity optimization” rather than pursuing immediate returns.
The fund also wants to position itself as an attractive entry point for Web2 investors who typically prefer companies in the growth stage. Growth companies are generally a safer bet than startups that have a higher risk of failure.
With the investment, Animoca is keen on nurturing the Web3 space, an area that the company has already invested in extensively. The company is behind the metaverse game, the Sandbox. They have a huge stake in the success of the industry. If the metaverse fails, some of its flagship projects also fail.
Animoca Brands
Animoca Brands is contributing in other ways to the advancement of Web3 and the metaverse. It recently donated $10 million to the Web3 Industry Recovery Initiative, an initiative launched by Binance following the implosion of FTX.
Its latest $2 billion Metaverse Fund shows the brand is still bullish about the future of the metaverse in spite of recent hiccups.
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