In November, Animoca first stated about its plans for the fund, which had a $2 billion goal. In the end, this plan was cut in half, to $1 billion.
The goal for Animoca Brands’ metaverse fund has been cut by 20%, from $1 billion to $800 million, Reuters reported on Friday, citing two people with knowledge of the situation.
When Animoca first said in November what it wanted to do with the funds, the goal was $2 billion. In January, this was cut in half, to $1 billion.
After getting $75 million in July, the company was worth about $6 billion. Still, a story that quotes two more sources says that its value on secondary markets has dropped below $2 billion.
The metaverse is a simulated universe in which the internet is used for work, recreation, socialization, excursions, and events. Even though some people are enthusiastic about its potential, the concept is still largely obscure.
Consequently, appetite for investments related to the metaverse may have waned in recent months, as the broader digital asset industry’s winter has shown few signs of thawing, as evidenced by the demise of cryptocurrency exchange FTX in November and crypto-friendly banks Silvergate and Signature this month.
IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.
