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NFT investor Animoca brands reduces its Metaverse fund goal to $800M

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.

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About Tina

NFT investor Animoca brands reduces its Metaverse fund goal to $800MTina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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