.animocabrands has reportedly reduced the target for its metaverse fund by 20% to $800 million, after cutting the initial target to $1 billion from $2 billion. By JamieCrawleyCD.
. However, its market cap in secondary markets has slipped below $2 billion, according to the report, citing two other people.
The metaverse is a term for a virtual world where the internet exists as an immersive space that can be used for work, play, socializing, experiences and events. While there is much excitement about its potential in some quarters, it remains a largely unproven concept. As such, appetite for metaverse-related investment may have taken a hit in recent months as the broader digital asset industry's winter has shown little signs of thawing, from
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