Sandbox Parent Animoca to Raise $2 Billion Metaverse Fund
Animoca Brands, the parent company of The Sandbox metaverse, is ready to dive deeper into the realm of the virtual universe. The Hong Kong-based blockchain is planning to unveil a $2 billion (approx. Rs. 16,260 crore) mega fund, dedicated to the business of the metaverse. Animoca’s founder and Executive Chairman, Yat Siu, spoke about the fund’s vision during a recent interview while talking about the company’s plans for 2023. The metaverse technology has received a lot of investment in recent times.
The fund collection is intended to accelerate the development of focused metaverse projects and create a real, active market. So far, Animoca has not raised a high price.
According to Nikkei Asia reportsSui knows that the ongoing decline of the crypto market may not be the right time to raise capital, however, he remains optimistic that the markets will soon return to life again.
“More people are joining crypto every day, especially in sports,” Sui was quoted as saying.
Animoca’s metaverse game project Sandbox became popular by offering virtual world plots to players, who could choose to decorate their buildings with NFTs and potential visitors and virtual events.
“Our long-term goal, and I myself frankly, is to create a way where we all have digital property rights. I hope this will further advance the situation where digital property will be recognized as tangible property in the legal system. Sui added.
Animoca has been trying to make metaverse related development and functions work between different platforms. To achieve this, the company launched an independent digital organization (DAO) called the Open Metaverse Alliance for Web3 (OMA3) in July of this year.
research reports lift up that there is a market potential for the metaverse to reach $800 billion (approximately Rs. 59,58,700 crore) in the next two years.
After this promising future, the metaverse industry has been collecting funds in several parts of the world.
For example, in February, South Korea’s Ministry of Science, ICT, and Future Planning allocated KRW 223.7 billion (about Rs. 1,400 crore) to develop the national metaverse project.
Later in March, chip maker Qualcomm set aside a $100 million (roughly Rs. 760 crore) fund, called the Snapdragon Metaverse Fund, in hopes of accelerating the development of Extended Reality technology.
Metaverse also received $30 million (roughly Rs. 240 crore) in funding from Invesco, an investment management giant headquartered in Atlanta, US, in August this year.
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