• Animoca Brands has reportedly reduced the target size of its metaverse fund by 20%.
• The fund, initially targeting $2 billion, was later halved to $1 billion and now stands at $800 million.
• The company is focusing on digital property rights while providing opportunities to access Web3 companies remains the broader goal.
Animoca Brands Slashes Target of Metaverse Fund by 20%: Report
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.
Fund’s Initial Target Size
The fund Animoca Capital, which was unveiled last November, had an initial target of around $2 billion but was later halved to $1 billion.
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.
Focus on Digital Property Rights
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.