Hong Kong’s Animoca Brands, a gaming software firm and Web 3.0 investment powerhouse, has halved the target for its new fund eyeing mid- to late-stage metaverse firms to $1 billion, co-founder and Executive Chairman Yat Siu told Bloomberg in an interview.
Just two months ago, Siu had told Nikkei Asia in an interview that it was targeting to raise up to $2 billion for the new fund despite the industry being blown by a series of meltdowns in 2022 — from hedge fund Three Arrows Capital (3AC) and lender Celsius Network to stablecoin Terra, crypto exchange FTX, crypto lender Blockfi, and more.
