Hong Kong-based blockchain and investment firm Animoca Brands will launch a $2 billion fund to invest in metaverse startups.
In the crypto industry, one of the most adopted building blocks has become the metaverse. The technology, which offers a real-world-like environment where users can interact, has become popular globally. Facebook founder Mark Zuckerberg rebranded his company to Meta. Zuckerberg accelerated his work in this sector with a billion-dollar resource. In addition, many crypto projects of the industry also came to the fore. Coins like Sandbox and Decentraland have reached billions of dollars by market cap. However, the recent crypto bear market has also been influential in the metaverse space. The sector experienced a volume and value loss of over 80 percent. Another move regarding new technology came from Animoca Brands. The company will set up a $2 billion fund.
Metaverse Move from Blockchain Company
Animoca Brands co-founder Yat Siu stated that the Hong Kong-based blockchain company is focusing on investments in the metaverse.
Animoca Brands gained all the attention by acquiring Pixowl, the parent company of the Sandbox project, in 2018. The blockchain company has managed to reach a market value of $ 5 billion with its initiatives. Among those who have invested in Animoca is Temasek, Singapore’s state investment fund.
The founding partner of the company, Yat Siu, conducted an interview at Nikkei Asia. The founding partner stated that they will create an investment fund called Animoca Capital and will launch it next year.
Siu stated that the main focus of their investments is everything in digital property rights. Considered as the pioneer of Web3 technology, Animoca has invested close to 400 million dollars in projects such as OpenSea and Dapper Labs.
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