News Explorer — Animoca Brands Reduces Metaverse Fund Target to $800M, Market Cap Slips Below $2 Billion

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Animoca Brands Reduces Metaverse Fund Target to $800M, Market Cap Slips Below $2 Billion

Animoca Brands, a non-fungible token (NFT) and gaming investor, has reduced the target for its metaverse fund by 20% to $800 million. The initial target was $2 billion, which was then cut in half to $1 billion in January. The firm's market cap in secondary markets has slipped below $2 billion, indicating a lack of appetite for metaverse-related investment due to the digital asset industry's winter.