Animoca set to launch a billion-dollar fund for startups looking to build the future of the metaverse.
The GameFi champion and metaverse developer Animoca Brands has a billion-dollar fund in its plans, according to a report from Nikkei Asia on Nov. 30.
Animoca Brands’ co-founder Yat Siu said in an interview that the fund could potentially have up to $2 billion dollars to allot to mid to late-stage startups with a metaverse focus. The fund and the exact amount available to developers have yet to be finalized. Cointelegraph reached out to Animoca Brands for a comment, to which the company confirmed that the fund is “in the works.”
According to the interview with Siu there will be no geographical restrictions for those to receive funding and the primary focus will be “everything on digital property rights." He also said the funds are intended to speak to a more mature developmental atmosphere in the Web3 - metaverse space, which allows investors to pursue capital efficiency and optimize returns.Animoca is a majority shareholder in one of the leading metaverse platforms, The Sandbox. The first investments from the new fund are anticipated in 2023.