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Animoca Brands game software company and venture capital company based in Hong Kong revealed its plans to invest $2 billion in the Metaverse. The company said it would be making its first investment next year.
Yat Siu, Animoca Brand’s co-founder, announced the plans for Metaverse Fund through an interview last week. He said the company would allocate $2 billion in funds to mid to advanced-stage startups that are focusing on the metaverse business.
Siu clarified that the investment is still in the works, but it is surely aiming to support metaverse developers through funding. The executive added that they have yet to finalize the exact amount of the fund and how much will be made available to developers.
Animoca Brands confirmed to Cointelegraph that the Metaverse Fund is “in the works” but did not give more specific details about it. Then again, he said that there would be no geographical restrictions for startups that will receive funding.
Siu said during the interview that the “fund will be focused on equity optimization.” The funds are said to be meant to support a more mature developmental climate in the Web3 or metaverse space which lets investors pursue capital efficiency as well as optimize returns. It was noted that Animoca Brands has been focusing on the metaverse for quite some time now, and in fact, it is a majority shareholder of The Sandbox metaverse platform.
The company is also deeply engaged in non-fungible token (NFT) and GameFi development. Siu said he thinks that blockchain-based gaming and finance will become one of the major roadways for the masses to get into the metaverse.
In any case, Crypto Potato reported that Animoca Brands is calling its $2 billion Metaverse Fund “Animoca Capital.” Siu will be leading the initiative along with a partner as he believes that the investment will prove to be a good entry point for the metaverse businesses and investors.
“The long-term goal for us, and frankly for myself, is creating a way where we all have digital property rights,” Siu was quoted as saying in a statement. “I am hoping that this will also drive a scenario where the digital property will be recognized like physical property in the legal system.”
