Blockchain Company Will Allocate $ 2 Billion for the Metaverse
Hong Kong-based blockchain and investment company 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 been the metaverse. The technology, which offers an environment similar to the real world in which users can interact, has become popular globally. Facebook founder Mark Zuckerberg has rebranded his company with the Meta name. Zuckerberg accelerated his work in this sector with a resource of billions of dollars. In addition, many crypto projects of the sector have also come to the fore. Coins such as Sandbox and Decentraland have reached multi-billion dollar levels according to their market capitalization. However, the recent crypto bear market was also effective in the metaverse area. The sector experienced a volume and value loss of more than 80 percent. Another move related to the new technology came from Animoca Brands. The company will create a $ 2 billion fund.
Metaverse Move from Blockchain Company
Animoca Brands co-founder Yat Siu expressed that the Hong Kong-based blockchain company is focusing on metaverse investments.
Animoca Brands attracted 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 Dec.
The co-founder of the company, Yat Siu, conducted an interview in Nikkei Asia. The co-founder stated that they will create an investment fund under the name Animoca Capital and will launch it next year.
Siu stated that the main focus of the investments they will make is everything in digital property rights. Animoca, seen as a pioneer of Web3 technology, has invested close to $ 400 million in projects such as OpenSea and Dapper Labs.