Animoca Brands Reduces Fund Target of Metaverse Fund to $800M
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In November 2022, Animoca Brands, a blockchain game operator, has announced its intention to launch a $2 billion virtual world investment structure. However, due to volatility in the crypto market, the company has since cut the target amount for the fund to $800 million.
The fund will focus on businesses related to NFTs and the metaverse, and according to CEO Robby Yung, the first investments are expected to be made in the current year.
Despite the bear market, the company raised $75M in July and $100M in August, although Jung noted that it was more difficult to acquire the funding than in previous rounds.
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