The parent body of The Sandbox metaverse, Animoca Brands, is ready to dive deeper into the virtual universe sector. A Hong Kong-based firm is planning to unveil a $2 billion fund dedicated to the metaverse business. Animoca co-founder and Executive Chairman, Yat Siu, spoke about the ideas for the fund during a recent interview about the company’s plans for 2023.
The recent past has seen a lot of investments in the metaverse technology. The aim of the fund pool is to accelerate the development and creation of active market of immersive metaverse projects. According to Nikkei Asia’s, Sui is aware that the current slump in the market may not be the best time to raise funds, however, he is still hopeful that the markets would return to health soon again.
Sui was quoted as saying that more people are joining crypto market every day especially in gaming. The Sandbox, Animoca’s metaverse gaming project, shot to fame for offering virtual land plots to the players, who can choose to decorate their properties with NFTs and host guests as well as virtual events. Sui is also of the view that creating a way where we all have digital property rights is the long-term goal for us and hoping that this will lead to a scenario where digital property will be recognized like physical property in the legal system.
Animoca is trying to make activities that are related to the metaverse compatible with other platforms. To fulfill the goal, a decentralized autonomous organization (DAO) named as The Open Metaverse Alliance for Web3 was launched in July of this year.
According to the research reports, there is a market opportunity for the metaverse to reach $800 billion over the next two years. The metaverse sector has been bagging funds in several parts of the world. In February, the Ministry of Science, ICT, and Future Planning of South Korea allocated KRW 223.7 billion for the development of nation metaverse project.
In March earlier this year, the chipmaker Qualcomm allocated a fund of $100 million as the Snapdragon Metaverse Fund. The fund hopes to accelerate the development of Extended Reality technology. A $30 million was collected by Metaverse this August from Invesco, an investment management giant based in Atlanta, US. Cryptocurrencies are not a legal tender an unregulated digital currency and are subject to market risks.
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