GameFi champion and metaverse developer Animoca Brands is planning a $1 billion fund, according to a Nov. 30 report from Nikkei Asia.
Animoca Brands co-founder Yat Siu said in an interview that the fund could have up to $2 billion to allocate to mid- and late-stage startups with a metaverse focus. The exact fund and amount available to developers is yet to be finalised.
Cointelegraph reached out to Animoca Brands for comment, to which the company confirmed that the fund is “in the works.”
According to the interview with Siu, there will be no geographical restrictions on those who will receive funding, and the main focus will be “all on digital property rights”.
He also said that the funds are meant to speak to a more mature development atmosphere in the Web3 – metaverse space, which allows investors to pursue capital efficiency and optimize returns.
“The fund will focus on stock optimization.”
Animoca is a majority shareholder in one of the most important metaverse platforms, The Sandbox. The first investments from the new fund are anticipated in 2023.
Related: NFT Games ‘Only Scratch the Surface’ of What’s Possible – Animoca’s Yat Siu
In addition to its investment in The Sandbox metaverse, Animoca has been heavily involved in both non-fungible token (NFT) development and GameFi development. Siu was quoted as saying that he believes GameFi will be one of the main ramps for the masses to enter the metaverse.
Despite recent bumps with misinterpreted statistics about metaverse engagement, investors and the surrounding community remain optimistic about the metaverse as a center of future online engagement.
An investment report from DappRadar revealed $1.3 billion in investment for GameFi and metaverse initiatives combined in Q3. Of these, 36% were specifically for Web3 metaverse infrastructure projects.
Along with investment, there are many projects in the works for efficient tools that will make metaverse design more accessible to developers.