Hong-Kong-based venture capital firm Animoca Brands plans to launch a $2bn fund for investing in the metaverse.
Animoca is known for its game The Sandbox, where players can buy and develop plots of land using NFTs.
Now, the company has ideas set in place to launch the Animoca Capital fund and expects its first investment to take place next year.
Animoca’s current investors include South Korea's Mirae Asset Management, US-based GGV Capital and Singapore state fund Temasek.
“We are thinking about a fund [that is now] forming”, said Animoca Brands’ co-founder and executive chairman Yat Siu.
The aim of the funding investment is to “develop the ecosystem” of Web 3.0 and support the act of creating an active market over pursuing returns.
A strong focus will be pinpointing “digital property rights”, when considering “NFT metaverse” and “open metaverse” businesses, with no geographical restrictions for investment targets.
Although the funding target stands between $1bn to $2bn, the company has not raised any money yet and its fund manager will oversee the account.
Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.