Animoca Brands, the venture capital firm specializing in the metaverse and blockchain gaming industries, has denied reports that its metaverse fund is being slashed to $800 million. In addition, co-founder Yat Siu has stated that reports suggesting the company’s valuation has dropped below $2 billion are inaccurate.
The reports, which originated from a Reuters article published on March 24th, 2023, claim that Animoca’s metaverse fund is being reduced by 20% to $800 million. However, the key information in this report came from anonymous sources, and Animoca has rejected these claims as false.
The metaverse fund, which was announced in November 2022, is aimed at supporting mid-to-late stage startups in the metaverse space. Initially, the fund was targeted for between $1 billion and $2 billion, but in January, the number targeted was reduced to $1 billion.
Speaking to Coin Telegraph, Animoca stated that “$1 billion has always been within the range declared,” and that the claim that the fund target was reduced from $2 billion to $1 billion is incorrect. The company added that fundraising for the Animoca Capital fund is ongoing, and that it will provide full details of the final fund size once it is concluded.
With regards to the valuation question raised by Reuters, Animoca co-founder Yat Siu has stated that the anonymous sources make it difficult to ascertain their accuracy and agenda. The company has also rejected the figures provided by Reuters and its sources as inaccurate.
According to Animoca, the trading activity on PrimaryMarkets, which Reuters used as its source, is too thin to accurately reflect the company’s value. The company has reaffirmed its commitment to pursuing its original plan to raise a metaverse fund and to support the growth of the metaverse and blockchain gaming industries.
The metaverse is a virtual world where users can interact with each other, digital assets, and applications using augmented and virtual reality. It has become a major focus for many tech companies, investors, and entrepreneurs, who see it as the next frontier for immersive experiences and online communities.
As a venture capital firm specializing in the metaverse and blockchain gaming industries, Animoca is well-positioned to support startups in these areas. The company has a proven track record of investing in successful projects, such as Axie Infinity, Sandbox, and F1 Delta Time, and has a deep understanding of the potential of these emerging technologies.
In conclusion, while some reports have suggested that Animoca’s metaverse fund is being reduced and its valuation has dropped, the company has denied these claims and reaffirmed its commitment to supporting the growth of the metaverse and blockchain gaming industries. As this space continues to evolve and expand, Animoca is well-positioned to play a leading role in shaping its future.
