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Animoca Brands Lowers its Target for the Meta Universe Fund by 20%

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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 M

Animoca Brands Lowers its Target for the Meta Universe Fund by 20%

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.

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

Introduction

Animoca Brands, a prominent Web3 game developer and investment company, recently announced it had scaled back its target for the Meta Universe Fund by 20% to $800 million. The new target represents a considerable drop from Animoca Brand’s original fundraising goal for the project, which stood at $2 billion last November, before it was halved to $1 billion in January.

What is Animoca Brands?

Animoca Brands is a Hong Kong-based game development and investment company that focuses on creating blockchain games and virtual worlds. The company is known for developing high-quality blockchain games, including “The Sandbox,” “F1 Delta Time,” “Crazy Defense Heroes,” “Tower Conquest,” and “Crypto Space Commander.”

What is the Meta Universe Fund?

The Meta Universe Fund is Animoca Brand’s ambitious plan to develop a massive open-world metaverse, which the company hopes will become the ultimate gaming and social platform for blockchain enthusiasts. A metaverse is an immersive virtual world where people can engage with each other in digital space, much like in the movie “Ready Player One.”

Why Did Animoca Brands Lower its Target for the Meta Universe Fund?

There are various reasons why Animoca Brands may have decided to scale back its target for the Meta Universe Fund. Firstly, the global economic situation has been volatile, creating uncertainty and making investors more risk-averse. Secondly, the ongoing pandemic has affected the gaming industry considerably, causing some investors to reconsider their strategies. Lastly, it could be that the previous fundraising targets set by Animoca Brands were too ambitious and not in line with investor expectations.

What Does This Mean for the Future of the Meta Universe Fund?

Despite the scaled-back target, Animoca Brands remains committed to developing the Meta Universe Fund. The company has significant experience in creating high-quality blockchain games, and it is likely that the Meta Universe Fund will follow suit.

Conclusion

Animoca Brands, a highly regarded Web3 game developer and investment company, has reduced its target for the Meta Universe Fund by 20%, citing the current economic climate and other factors. Despite the setback, Animoca Brands remains committed to developing the Meta Universe Fund and creating a metaverse that will become the ultimate gaming and social platform.

FAQs

Q: What is the Meta Universe Fund?
A: The Meta Universe Fund is Animoca Brand’s ambitious plan to develop an immersive virtual world where people can engage with each other in digital space.
Q: Why did Animoca Brands lower its Meta Universe Fund target?
A: The global economic situation, the ongoing pandemic, and ambitious fundraising targets may have played a role in Animoca Brand’s decision to scale back its target for the Meta Universe Fund.
Q: What does this mean for the future of the Meta Universe Fund?
A: Despite the scaled-back target, Animoca Brands remains committed to developing the Meta Universe Fund, and it is expected to become the ultimate gaming and social platform for blockchain enthusiasts.
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