Animoca Brands will aim to raise $1 billion for its metaverse investment fund early this year, softening previous ambitions to raise up to $2 billion.

“We had initially sought a target of $1 billion, whether it goes up or down, we don’t know yet,” Animoca Brands president Yat Siu said in a statement. Twitter Spaces Discussion with Bloomberg. “Given the market circumstances, it could be less.”

Siu had previously told Nikkei that the fund, Animoca Capital, could raise between $1 billion and $2 billion. But his comments were made before FTX collapsed and before Animoca raised money for the new fund, and that goal now seems closer to the low end.

The actual fundraising process will take place in the first quarter of this year, Siu…