DailyCoin
Published Nov 30, 2022 01:00PM ET
Updated Nov 30, 2022 02:30PM ET
Animoca Brands Plans to Invest $2 Billion in Web3 Startups
Animoca Brands has announced it is launching a $2 billion fund to invest in upcoming metaverse businesses. Company co-founder and executive chairman Yat Siu shared in an interview with Nikkei Asia that he will be focusing mainly on Web3 projects centered around digital property rights.
The co-founder has yet to determine the fund’s terms and conditions. However, Siu plans to make the first investment in the next year.
Animoca Brands has been making meaningful contributions and collaborations in the Web3 space, promoting a digital, barrierless, open economy in the metaverse. The Web3 developer has also been investing in many upcoming projects for some time, the most recent being Roboto Games and Wanderers.
Animoca Brands has quickly become a household name in the Web3 space, making significant contributions to the ecosystem with collaborations, investments, and developments. The developer has made about 380 investments in Web3 businesses. These mainly consist of NFT-based metaverse platforms and blockchain games.
Animoca Brands’ latest developments include:
Furthermore, over 3.2 billion traditional gamers exist in an ‘enclosed metaverse’ without owning their in-game assets. Animoca Brands’ chief has shared his optimism to help transition them to Web3 by encouraging them with digital ownership and a solid infrastructure.
While the fund has yet to raise money, Siu is optimistic about targeting $2 billion. Siu shared with Nikkei Asia that the fund will emphasize metaverse businesses. It will also ensure that there will be no geographical restrictions for investment targets.
Animoca Capital, Siu’s experimental metaverse fund, expects to make its first investment next year, with the primary purpose of developing the ecosystem. They will help investors gain direct exposure to mid-to-late-stage startups thanks to the fund.
The Web3 industry has shown great progress over the years. Web3 companies have stayed strong and are continuing to expand. This is in contrast to other tech companies, considering the current chaos in the market. Major tech companies, including Facebook (NASDAQ:META), Twitter, and Amazon (NASDAQ:AMZN), are laying off a significant portion of their workforces to withstand the effects of economic fear and uncertainty.
Siu plans to pursue capital efficiency with this fund, considering the industry is more mature now. The chair plans to create more opportunities for investors to enter Web3 and believes the fund would be a good entry point for businesses.
h2 On the Flipside/h2Animoca Brands’ upcoming fund could establish the infrastructure for the Web3 space. The fund’s plans also align with Animoca’s vision of building an open metaverse to welcome the next wave of billion users to Web3. Moreover, $2 billion is an enormous amount of money for the gaming sector. This is especially true for upcoming indie developers aiming to create professional productions.
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Written By: DailyCoin
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