Blockchain gaming operator Animoca Brands has just announced it intends to launch a fund of up to $2 billion to invest in metaverse companies, Nikkei Asia has reported with reference to the firm's co-founder and CEO Yat Siu.
According to him, the structure, called Animoca Capital, is still being formed and has not yet started raising money. The fund will focus on the business "open to NFTs and metaverse." The first investment is expected to be made in 2023.
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According to Siu, the fund will support projects from all geographies, without any restrictions.
Animoca Brands has invested in about 380 Web3 businesses, including OpenSea and Dapper Labs. However, Siu has clarified that the purpose of these investments was to develop the ecosystem and create an active market, not to make a profit.