Share this article
NFT Investor Animoca Brands Cuts Target for Metaverse Fund to $800M: Reuters
When Animoca initially unveiled its plans for the fund in November, its target was $2 billion, which was then cut in half to $1 billion
Updated Mar 27, 2023, 9:50 a.m. Published Mar 24, 2023, 11:59 a.m.
Non-fungible token (NFT) and gaming investor Animoca Brands has reduced the target for its metaverse fund by 20% to $800 million, Reuters reported on Friday, citing two people familiar with the matter.
When Animoca initially unveiled its plans for the fund in November, its target was $2 billion. This was then cut in half to $1 billion in January.
STORY CONTINUES BELOW
The firm was valued at almost $6 billion following a $75 million fundraise in July. However, its market cap in secondary markets has slipped below $2 billion, according to the report, citing two other people.
The metaverse is a term for a virtual world where the internet exists as an immersive space that can be used for work, play, socializing, experiences and events. While there is much excitement about its potential in some quarters, it remains a largely unproven concept.
As such, appetite for metaverse-related investment may have taken a hit in recent months as the broader digital asset industry's winter has shown little signs of thawing, from the collapse of cryptocurrency exchange FTX in November to those of crypto-friendly banks Silvergate and Signature this month.
In response, Animoca said the initial $2 billion figure offered in November was the upper end of a $1 billion-$2 billion range it was targeting.
"There's no doubt that the FTX and banking crises have had a serious impact on available venture capital, but fundraising for the Animoca Capital fund is in progress, the firm said." When the raise is concluded we will inform the market with the appropriate details, including the final size of this fund.
Read more: Metaverse NFT Trading Volume Hit New All-Time High, DappRadar Says
UPDATE (March 27, 09:40 UTC): Adds Animoca response in final two paragraphs.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Circle platform promising tokenized gold, silver swaps is 'fake,' company says
The release, distributed on Christmas Eve, used Circle branding and claimed to quote executives, but a Circle spokesperson said it was "not real."
What to know:
- A fake press release claimed that Circle, the issuer of USDC, had launched a new platform called CircleMetals, offering tokenized gold and silver trading.
- The release, distributed on Christmas Eve, used Circle branding and quoted executives, but was later confirmed to be fake by the company.
- The fake platform, which remains live, appears to be a scam, with links to a swap platform and promises of rewards, but there is no evidence to suggest that the tokenized gold and silver tokens actually exist.
Top Stories
