Animoca Brands Corp. is looking to raise about $1 billion this quarter for its new Web3 and metaverse investment fund, sharply scaling back its ambitions during the current crypto industry meltdown.

Animoca Capital is in talks with potential investors and would use the money to support blockchain and metaverse startups, co-founder Yat Siu, who is also the chairman of Animoca Brands, said in a Twitter Spaces chat with Bloomberg in Hong Kong Thursday.