Animoca Brands Fuels Metaverse Growth And Web3 Recovery Initiative

According to company Co-Founder and Executive Chairman Yat Siu, Animoca Brands intends to launch a fund of up to $2 billion to invest in metaverse businesses.

Animoca Brands is best known for its Sandbox metaverse game, which enables users to purchase plots of virtual land and decorate them with NFTs. Animocas investors include Singapores Temasek, the United States&39 GGV Capital, and South Koreas Mirae Asset Management, and the company is valued at more than $5 billion as of its most recent fundraising.

Siu stated that the fund would make it easier for investors to gain access to Web3 companies. Some Animoca investors previously sought exposure to its portfolio companies, but now prefer more direct investments, he says.

Siu also indicated that Animoca would contribute $10 million to the Web3 Industry Recovery Initiative which is being spearheaded by Binance in order to support the ecosystem. He stated that depending on the situation, his company is also open to increasing the amount of this contribution.