Business News Report
November 30, 2022

Animoca Brands releases a $2 billion metaverse fund for 2023

In Brief

The Hong-Kong based Web3 company Animoca Brands is launching a $2 billion metaverse fund.

The funds targets mid-stage and late-stage metaverse projects.

Animoca Brands metaverse

Web3 gaming company Animoca Brands has announced plans to launch a $2 billion fund destined for the metaverse industry. The company’s co-founder Yat Siu detailed that the fund will target mid to late-stage metaverse projects.

Animoca Brands is a renowned venture capital player in the Web3 space. The company invested in more than 380 Web3 projects, with 66 investments made in the first half of 2022, a record in the crypto industry.

The fund will focus mainly on digital property rights, one of Animoca’s top priorities. The Hong Kong-based company divides its blockchain investments into three categories:

  • Blockchain games — online games powered by NFTs and in-game tokens, Animoca’s list of blockchain games includes Arc8, Revv Motorsport, and Phantom Galaxies.
  • NFTs — the digital collectibles represent proof of ownership and come in the form of avatars, PFPs, artwork, and more.
  • The metaverse — this segment is driven by Animoca’s top product, The Sandbox, a gamified metaverse that includes its native token, SAND.

Although the fund comes at a fragile moment for the Web3 space due to the ongoing crypto winter and recent FTX crash, Siu believes it’s an ideal time to double down and create new opportunities for the market. He claims the fund will allow investors to access Web3 companies with greater ease.

In July, Animoca Brands raised $75.3 million in funding and reached a valuation of $5.9 billion. Two months later, the company received another $110 million in investments from Temasek and GGV Capital.

As the FIFA World Cup advances, Animoca Brands and Cool Cats recently partnered with OneFootball Labs to launch a collection of 4,000 NFTs dubbed Cool Cats FC. The project connects the Cool Cats community with football fans to celebrate the FIFA World Cup.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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