Animoca Brands, a gaming and blockchain firm headquartered in Hong Kong, recently made the announcement that it would reduce the goal amount for its Web3 fund from $2 billion to $1 billion. The company said that the modification was necessary due to unanticipated difficulties in 2022 as the rationale for the decision.
Animoca Brands has been quite active in the Web3 arena in terms of investment, with a particular emphasis on decentralized finance (DeFi) and non-fungible tokens (NFTs). Animoca Brands has not wavered in its dedication to the Web3 industry and continues to have faith in the long-term possibilities offered by the underlying technology, despite the changes.
The firm has expressed its optimism over the development of the industry in the future and has said that it would continue to make investments in potential Web3 initiatives.
Yat Siu, co-founder of Animoca Labs, said:
“Q1 is the goal and then let’s see what happens. It is fair to say it’s a challenging market. But we have quite a bit of interest.”
The Web3 fund will focus on investment in the DeFi and non-fungible token (NFT) spaces, with a particular emphasis on projects that have the potential to drive mass adoption of these technologies.
Animoca Brands has already made several investments in the Web3 space, including in DeFi platforms such as Aave and NFT projects such as Axie Infinity. Animoca Brands has a strong track record of innovation and has a portfolio of over 20 mobile games, including popular titles such as The Sandbox and Crazy Defense Heroes.
This announcement comes as the market for Web3 services continues to expand and develop at a rapid rate, with an increasing number of businesses and investors exhibiting interest in the field.
