GameFi champion and metaverse developer Animoca Brands has a billion-dollar fund in the works, according to a Nikkei Asia report on November 30.
Animoca Brands co-founder Yat Siu said in an interview that the fund could have up to $2 billion available to allocate to metaverse-focused mid- and late-stage startups. The exact fund and amount available to developers has yet to be finalized.
Cointelegraph reached out to Animoca Brands for comment, to which the company confirmed that the fund is “on the go.”
According to the interview with Siu there will be no geographic restrictions for those who receive the funding and the main focus will be “everything related to digital property rights”.
He also said that the funds aim to speak to a more mature development environment in the Web3-metaverse space, which allows investors to seek capital efficiency and optimize returns.
“The fund will focus on optimizing equities.”
Animoca is a majority shareholder of one of the main metaverse platforms, The Sandbox. The first investments of the new fund are planned for 2023.
Aside from its investment in The Sandbox metaverse, Animoca has been heavily involved in the development of non-fungible tokens (NFTs) and GameFi. Siu was quoted as saying that he believes GameFi will be one of the main ramps for the masses to enter the metaverse.
Despite some recent bumps in the road with misinterpreted metaverse engagement statistics, investors and the surrounding community remain optimistic about the metaverse as a hub for online engagement going forward.
An investment report from DappRadar revealed $1.3 billion in investments for GameFi and metaverse initiatives combined in Q3.. Of that amount, 36% was earmarked specifically for infrastructure projects in the Web3 metaverse.
In addition to the investment, there are many projects underway to create powerful tools that make metaverse design more accessible to developers.
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