Non-fungible token (NFT) and gaming investor Animoca Brands plans to set up a fund worth as much as $2 billion to invest in metaverse businesses, the firm's co-founder Yat Siu said in an interview, Nikkei Asia reported on Wednesday.

Siu said that Animoca Brands will unveil the new fund called Animoca Capital with plans to make its first investment next year. The fund's focus "will be everything on digital property rights," he added.

The metaverse is a broad term for a conceptualized world where the internet exists as an immersive virtual space that can be used for work, play, socializing, experiences and events.

Animoca Brands has been one of the leading investors in NFT, blockchain gaming and metaverse-related companies and has been backed by the likes of Singapore's state investment fund Temasek.

Possibly most prominent among Animoca's metaverse investments is The Sandbox, an online multiplayer game in which users build, own, trade or earn assets in the form of NFTs. Animoca is a majority shareholder in the platform.

Animoca did not immediately respond to CoinDesk's request for further comment.

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