Non-fungible token (NFT) and gaming investor Animoca Brands has reduced the target for its metaverse fund by 20% to $800 million, Reuters reported on Friday, citing two people familiar with the matter.

When Animoca initially unveiled its plans for the fund last November, its target was $2 billion. This was then cut in half to $1 billion in January.

The firm was valued at almost $6 billion following a $75 million fundraise last July. However, its market cap in secondary markets has slipped below $2 billion, according to the report, citing two other people.

(By Jamie Crawley)