The parent firm of metaverse initiatives like The Sandbox, Animoca Brands, has declared its intention to start a $2 billion metaverse fund.
The new fund will concentrate its efforts on businesses in the mid-to-late investment phases, with a return focus for potential investors looking to increase their capital exposure to Web3-related ventures.
Animoca Brands intends to launch the Animoca Capital Fund.
Yat Siu, a co-founder, reportedly told Nikkei on November
29 For this new project, the business hopes to raise between $1 billion and $2 billion.
As it seeks to prioritize revenue over developing the Web3 environment, Animoca Brands, which has already raised $804 million from a variety of investors in a number of funding rounds, intends to invest the new funds (once raised) into established metaverse platforms in the mid -to-late investment stages, enabling partners to have direct investments in more businesses in the area.
Web3 gaming and the metaverse have recently been popular investment themes.
Additionally, Siu added that Animoca is of the opinion that the metaverse and Web3 games can be effective platforms for the adoption of cryptocurrencies, as these platforms’ actors have a different perspective on their functions than do bitcoin traders and speculators.
There are other businesses than Animoca that are thinking about the future of Web3 gaming and the metaverse.
On November 29, Game7, a decentralized autonomous organization (DAO) with a focus on gaming, announced the beginning of a grants program that would spend $100 million in several Web3 gaming industry sectors, including the technology that would enable programmers to streamline gaming production.
The company did not provide any additional information regarding the actors who would be interested in participating in this fund or the proposed instrument’s launch date.