Gaming giant Animoca Brands hopes to raise a slimmed-down target of $1 billion this quarter. This fund will be used towards web3 and metaverse investments.
The goal is a departure from the $2 billion commitment made in November.
Web3 Funding Adjust to Fragile Market
The Animoca CEO had previously откриени to Nikkei that the company intended to establish a Фонд од 2 милијарди долари. Notably, it was in collaboration with former Morgan Stanley executive Homer Sun.
The ambition was to go global while supporting mid to late-stage web3 startups.
The cutback was mostly due to the FTX meltdown and losses in the crypto market. Beyond the general market decline, about a dozen of Animoca’s portfolio companies faced the brunt of the collapse, according to Co-founder and Chairman Yat Siu. This includes the starship game Star Atlas, whose treasury was mainly housed on FTX.
The Solana-based Star Atlas game studio had previously revealed that the FTX crash cost it half of its cash писта.
Source: https://beincrypto.com/gaming-giant-animoca-scales-back-1b-web3-funding-amid-weak-market/