TOKYO/HONG KONG — Hong Kong-based blockchain gaming group Animoca Brands plans to launch a fund of up to $2 billion to invest in metaverse businesses, according to company co-founder and CEO Yat Siu.

Animoca is known for the metaverse game Sandbox that allows users to purchase parcels of digital land and decorate them with non-fungible tokens (NFTs), a type of digital asset traded on the blockchain. Animoca’s investors include Singapore’s state fund Temasek, GGV Capital of the US and Mirae Asset Management of South Korea, and it has a valuation of more than $5 billion as of its last fundraising.