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NFT and gaming investor Animoca Brands plans to set up a fund worth $2 billion to invest in metaverse-related activities, Animoca&#8217;s Co-founder and Executive Chairman Yat Siu told <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Blockchain-group-Animoca-to-form-metaverse-fund" target="_blank" rel="noreferrer noopener">Nikkei Asia Newspaper</a>.



Named Animoca Capital, the fund will make its first investments in 2023. Siu said that the fund would focus on digital property rights and develop the ecosystem. It eyes investing in the metaverse and NFT start-ups and Web 3.0 firms.



Siu pointed out that Animoca Capital would have no geographical restrictions for investment goals, adding it would be a good gate for Web 3.0 businesses and investors and a safe investment environment for traditional investors.



In spite of the fluctuations that the crypto scene witnesses during the current period, Siu noted that the fund would work to serve his company&#8217;s long-term goals, explaining: &#8220;The long-term goal for us, and frankly for myself, is creating a way where we all have digital property rights. I’m hoping that this will also drive a scenario where the digital property will be recognized like physical property in the legal system.&#8221;



Known for its metaverse game, the Sandbox. Animoca has made meaningful contributions to the metaverse world and Web 3.0 space. It allocated $10 million to the Web3 Industry Recovery Initiative, which Binance Labs launched aftermath of the collapse of FTX in November.



In July, it similarly conducted a capital raise of $75.32 million to advance the open metaverse. It also has about 380 investments in Web3 businesses such as OpenSea and Dapper Labs, according to Coinspeaker.



Animoca Brands is known as one of the pioneering investors in NFTs, blockchain gaming and metaverse-related companies. The Hong Kong-based company&#8217;s investors include GVV Capital of the US, Temasek Holdings of Singapore, South Korea&#8217;s Mirae Asset Management, and MUFG Bank of Japan.

Animoca Brands

Metaverse

Animoca Brands To Set Up $2 Bln-Fund in Metaverse in 2023

Japanese Prime Minister Fumio Kishida said his government is working on expanding the use of web3 services, including those which are related to the metaverse and non-fungible tokens (NFTs).



Delivering a speech on Monday before the National Diet of Japan, Kishida pointed to the Japanese government&#8217;s investments in digital transformation, citing the issuance of NFTs to the local authorities, according to Cointelegraph. 



The Japanese prime minister also referred to plans to digitize national identity cards.



It is worth mentioning that the Japanese government issued NFTs as a form of supplementary rewards in recognition of the work of local authorities who managed to solve problems using digital technology. A total of seven mayors in Japan got NFT awards for various initiatives.



Over the past months, Japan took major steps to regulate the crypto market. The parliament passed a law to limit the issuance of stablecoins by non-bank institutions in June.



In July, Japan opened a Web3 policy office which is affiliated with the Ministry of Economy, Trade and Industry (METI) to formulate metaverse-related policies to enhance the Web3 business environment.



Japan is among the top-five worst countries for crypto taxation as crypto investors could pay a maximum of 55% tax on crypto under income tax, however, in August, the Japanese Financial Services Agency considered cutting these taxes from 55% to 20%.



Web3 is a new digital cosmos built on decentralized or distributed notions such as blockchain and token-based economics. Web3 has the potential to remove intermediaries such as Google or Apple and give its users complete control over the internet. The concept guarantees freedom and authority that is very much decentralized.

Japan Metaverse News

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