Animoca Brands founder Yat Siu said the company plans to raise up to $2 billion to invest in similar projects.
Now the company is preparing documents and forming a fund, and the first investments in projects will reportedly be made next year – Animoca expects to raise from $1 billion to $2 billion. The fund will be managed by Siu himself plus a second person whom the head of the company chooses as a partner.
The company has invested in more than 380 projects in the Web3 space, including NFT platform OpenSea, NFT project Yuga Labs, blockchain firm Dapper Labs and others.. Animoca Brands backs Temasek, Singapore's government investment fund. The company is now valued at about $6 billion after raising $75 million in July.
Siu says the new fund will make it easier for investors interested in Web3 to get into the industry and get to know promising projects.. For many traditional investors, Siu says, investing in late-stage startups is much more profitable than high-risk early-stage projects.
Earlier, Yat Siu said that over time, NFT-based games based on the idea of digital ownership will become interoperable and cost-effective.