Animoca Brands Ignores FTX Trouble, Plans $2 Billion Metaverse Investment Fund

Animoca Brands is all set to raise a metaverse fund between $1 billion and $2 billion. Yat Siu, co-founder and executive chairman, and his management partner will handle the new fund.

Nov 30, 2022
by Anvi Saini
Animoca Brands Ignores FTX Trouble, Plans $2 Billion Metaverse Investment Fund

According to Siu, who talked to Nikkei Asia on Wednesday, the fund would target mid to late-stage metaverse firms.

Animoca Brands has also made significant investments in blockchain games, which are online games powered by NFTs and in-game tokens. An in-game token is a crypto that is utilised to facilitate player transactions. It may also be utilized for governance, allowing participants to control a share of the game via token staking.

The metaverse is Animoca Brands' third main emphasis, powered by its primary product, The Sandbox. Basically, The Sandbox is a 3D virtual space where brands may launch virtual experiences such as retail and games and virtual events such as concerts and conferences.

The business has invested in 380 initiatives in the Web3 space, which refers to a next-generation blockchain-based network that emphasizes community ownership and decentralization.

In light of the industry's fast uptake, the corporation is increasing its investments in the metaverse. According to a May analysis by McKinsey, the metaverse will be worth $5 trillion by 2026, while a new assessment by US market research firm IDC thinks the booming Metaverse business would be worth $74.7 billion by 2026.

Animoca Brands Collabs

Animoca Brands has made investments in the NFT marketplace OpenSea, the blockchain startup Dapper Labs, and the NFT project Yuga Labs, as well as forming collaborations with numerous notable blockchain gaming companies. The firm is supported by some of the world's largest fund management companies, including 

  • Temasek, Singapore's state fund, 
  • GGV Capital in the United States, 
  • SoftBank Vision Fund 2, and 
  • Mirae Asset Management in South Korea.

After financing $75 million in July, the firm was reportedly valued at $5.9 billion. Animoca Brands concluded another $110 million investment round in September, the value remained constant.

Siu said that the new metaverse fund was established to make it simpler for investors to access Web3 firms, referring to it as an "excellent entry point" for Web3 enterprises.

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