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Animoca targets Web3, metaverse to raise $1 B in first quarter of 2023

According to Bloomberg, Web3 and metaverse investments will be the primary focus of a new fund that Animoca Brands plans to raise around $1 billion for in the first quarter of 2023.

Yat Siu, the CEO, and co-founder of the Hong Kong-based firm told the outlet that Animoca still has “quite a bit of interest” in the space despite the fact that the cryptocurrency market is still recovering from the FTX debacle.

Siu informed Nikkei Asia in October that Animoca planned to launch a US $2 billion fund, particularly for the metaverse sector.

Siu said that the decrease in token values in 2022 had a negative impact on the company’s revenue. “Because our revenues are based on tokens, the overall revenue in fiat terms will also be affected.”

For the first four months of 2022, according to Animoca’s most recent statement for investors, it earned nearly US $573 million in bookings and other income.

Token sales, NFT sales, including secondary sales, and other non-blockchain operations are all included in bookings. According to the business, other revenue consists of investment profits and losses as well as ownership of digital assets.




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