Blockchain group Animoca to form metaverse fund

Co-founder says up to $2bn vehicle focuses on mid- to late-stage startups

20221129 Animoca Brands Yat Siu interview

Animoca Brands co-founder Yat Siu describes the planned fund as "a good entry point" for Web3 businesses. (Photo by Kentaro Iwamoto)

KENTARO IWAMOTO and PAK YIU, Nikkei staff writers

November 30, 2022 12:06 JST

TOKYO/HONG KONG -- Hong Kong-based blockchain gaming group Animoca Brands plans to launch a fund of up to $2 billion to invest in metaverse businesses, according to company co-founder and Executive Chairman Yat Siu.

Animoca is known for the Sandbox metaverse game that allows users to buy plots of digital land and decorate them using non-fungible tokens (NFT) -- a type of digital asset traded on the blockchain. Animoca's investors include Singapore state fund Temasek, GGV Capital of the U.S. and South Korea's Mirae Asset Management, and has a valuation of over $5 billion as of its latest fundraising.