Blockchain game operator Animoca Brands has cut the target amount for its metaverse fund by 20% to $800 million. Reuters with reference to sources.
In November 2022, the company announced plans to launch a $2 billion virtual world investment structure. However, in early 2023, Animoca lowered double that amount to $1 billion.
According to a statement from the organization, the fund will focus on “open to NFTs and the metaverse” business. It is expected that the first investments will come in the current year.
According to sources, the change in the company’s plans came after a strong surge in volatility in the crypto market.
Despite the bear market, the blockchain games operator raised $75M in July and another $100M in August. CEO Robbie Jung admitted that getting the funding this time round proved to be more of a challenge than in previous rounds.
Previously, he called the creation of virtual worlds a “long-term plan.” In his opinion, the development of the metaverses could take more than 10 years.
Recall that in September 2022, Animoca Brands announced the takeover of the WePlay Media studio, known for the game MotoGP Championship Quest.
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