Animoca Halves Fundraising Target For Web3 Fund To $1 Billion

Animoca Halves Fundraising Target For Web3 Fund To $1 Billion

Published Thursday 5th January 2023

Animoca Brands, a blockchain gaming firm based in Hong Kong, has lowered its fundraising goal for its web3 fund to $1 billion, half of its original target. Animoca's web3 fund is intended to help develop and promote blockchain-based games and applications that incorporate non-fungible tokens (NFTs). The company had initially set a goal of $2 billion for the fund, but it has now decided to lower the target to make it more realistic and achievable. The web3 fund is part of Animoca's broader efforts to lead the adoption of blockchain technology in the gaming industry.

In a recent interview with Bloomberg conducted on Twitter Spaces, Yat Siu, Animoca's co-founder and chairman, revealed that the company is seeking to raise $1 billion from investors to support its web3 fund. Siu said that the company has already secured commitments from several backers, including institutional investors and family offices. He noted that the demand for blockchain-based games and NFTs is rapidly growing, and Animoca is well-positioned to capitalize on this trend. Siu also emphasized the importance of creating a robust ecosystem for blockchain-based games and applications, which requires significant investment and collaboration between various stakeholders.

As part of its web3 fund, Animoca has already made several high-profile acquisitions and investments in the blockchain gaming space. In May 2021, the company acquired Quidd, a digital collectibles platform, for $13 million. In August 2021, Animoca invested $4.6 million in Yield Guild Games, a decentralized gaming guild that allows players to earn income by participating in blockchain-based games. The company has also partnered with major brands such as Formula 1, MotoGP, and Atari to develop blockchain-based games and NFTs.

Animoca's decision to lower its fundraising target for the web3 fund reflects the challenges and uncertainties of raising large amounts of capital in the current economic climate. However, Siu's comments suggest that the company remains confident in its ability to attract investors and drive innovation in the blockchain gaming space. With $1 billion in funding, Animoca could significantly accelerate the development and adoption of blockchain-based games and NFTs, which could have far-reaching implications for the gaming industry as a whole.

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