Animoca Brands has cut in half the amount it hopes to corral for a new web3 and metaverse investment fund.

Yat Siu, the Hong Kong-based company’s chair, said in a Twitter Spaces interview that it is now looking to raise around $1 billion for Animoca Capital this quarter, according to a Bloomberg report. Siu had told Nikkei as recently as November that Animoca would target $2 billion for the fund, which will make mid- to late-stage bets in the sector.

(By Ryan Weeks)