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Animoca Brands reduces their projection for Web3 fundraising by 50%

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The FTX bankruptcy had an effect on Animoca Brands since a dozen of its businesses had considerable exposure to the insolvent company.

One of the largest investors and metaverse companies in the current Web3 ecosystem, Animoca Brands, may be lowering its planned fundraising expectations for the first quarter of this year. Yat Siu, co-founder and chairman of Animoca Brands, stated in a Twitter Spaces interview with Bloomberg on Thursday that the business is currently seeking to raise $1 billion from investors.

Projecting fundraising goals has never been easy, especially now as the industry is going through one of its coldest winters ever. The anticipated fund-raiser is intended for the brand-new Web3 and Metaverse fund that Animoca Brands recently floated. The initial estimate, which Siu released back in November, was $2 billion, resulting in a 50% reduction in the estimate.

The FTX Derivatives Exchange’s demise had a profound effect on every aspect of society. The bankruptcy had an equivalent impact on Animoca Brands because a dozen of its businesses had a lot of exposure to the insolvent company. The majority of one of its companies, NFT spaceship supplier Star Atlas, held their cash on the defunct market.

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Despite this, Siu claimed that investors’ appetite is still open, and although while he said he is still optimistic that the funds would be raised, he conceded that given the current mood, the funds may not reach the goal.

The target is Q1, then we’ll see what occurs, said Siu. “It’s fair to argue that the market is difficult. However, we are pretty interested.

The fund will be established in collaboration with Homer Sun, a former executive with American multinational financial services giant Morgan Stanley, with the goal of investing in potential startups in the developing metaverse (NYSE: MS).

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