Animoca Brands lowered the goal of the Meta Universe Fund to $800 million

According to reports, two people familiar with the matter said that Animoca Brands, a Web3 game developer and investment company, had lowered its goal for the Meta Universe Fund by 20% to $800 million. When Animoca first announced its fund plan last November, its goal was $2 billion. Then halve it to $1 billion in January.

Interpretation of this information:

The news that Animoca Brands has lowered its goal for the Meta Universe Fund by 20% might come as a surprise to some, especially considering that the fund’s initial goal was set at an ambitious $2 billion last November. However, the decision to reduce the target to $800 million appears to be a reflection of the challenges that the Web3 game developer and investment company has faced in trying to attract investors to the fund.

It’s worth noting that the Meta Universe Fund is aimed at investing in projects that are focused on the development of the metaverse – a virtual space that is expected to be the next iteration of the internet. The fund was created in partnership with blockchain development platform Algorand, and it is intended to provide funding for startups that are working on emerging technologies like blockchain, AI, and virtual reality.

While the initial goal of $2 billion was certainly ambitious, it seems that Animoca Brands has struggled to generate enough interest in the fund to meet that target. This could be due to a number of factors, including a lack of understanding among investors about the potential of the metaverse, uncertainty about the regulatory environment, or simply a lack of confidence in Animoca’s ability to deliver on its promises.

Whatever the reason for the reduced target, it’s clear that Animoca Brands remains committed to investing in the development of the metaverse. The company has already made a number of investments in this space, including the acquisition of NFT auction platform Bondly, and it is likely that the Meta Universe Fund will continue to play a key role in its strategy going forward.