Blockchain video game developer Animoca Brands aims at establishing a well-heeled specialized fund to facilitate metaverse projects.
Animoca Brands plans to launch a $2 billion fund to invest in metaverse businesses, according to the company’s co-founder and executive chairman Yat Siu. In addition to focusing on digital property rights, Siu said that the Animoca Brands metaverse fund would develop the ecosystem. Furthermore, the Hong Kong-based game software, and venture capital platform, also seeks to provide opportunities to access Web3 companies.
The Animoca metaverse fund, known as Animoca Capital, looks to embark on its first investment in 2023. According to Siu, who will oversee the initiative with a partner, the fund is yet to raise any money. However, the Animoca chairman explained that there would be no geographical restrictions for investment targets. In addition, he stated that Animoca Capital is a good entry point for Web3 businesses and investors. Siu also said his company’s initiative provides a safer investment route for traditional investors than much riskier seed startups.
Despite the year-long tumult in the crypto space, Siu revealed that Animoca’s planned investment fund would help the company advance long-term goals. Further expounding on Animoca’s projected long-term agenda, he explained:
“The long-term goal for us, and frankly for myself, is creating a way where we all have digital property rights. I’m hoping that this will also drive a scenario where digital property will be recognized like physical property in the legal system.”
Siu’s comments notably come in the fallout of the FTX collapse, which has thrown the digital assets space into a tailspin.
Previous Animoca Brands Metaverse-focused Fund
Back in July, Animoca Brands similarly conducted a capital raise of $75.32 million to “advance the open metaverse”. At the time, the company issued a statement that read:
“Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users.”
Animoca was listed on the Australian Securities Exchange in 2015 but was delisted in 2020 after failing to comply with rules. However, Siu does not rule out a possible relisting when the market poses favorable parameters. When that opportunity comes, the Animoca co-founder and executive chairman stated that his company would consider all options.
Animoca
Since its inception in 2014, Animoca has blazed a trail for the development of Web3 technology. So far, the company has over 380 investments in Web3 businesses such as OpenSea and Dapper Labs.
Animoca is also famous for its blockchain-based video game, The Sandbox, which it launched exactly a year ago. The Sandbox launched after Animoca acquired the rights to the PC and mobile versions of the same name in 2019. That same year, the Hong Kong-based company subsequently raised funds to develop the game’s blockchain version.
As a metaverse game, The Sandbox allows users to buy plots of virtual land and develop them using non-fungible tokens (NFTs).
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Source: https://www.coinspeaker.com/animoca-brands-2b-metaverse-fund/