Animoca Brands blockchain gaming platform is aiming to raise around $1 billion for its latest Web3 and Metaverse investment fund in the first quarter of 2023.

This move comes despite the recent market decline and the crash of FTX, which had a negative impact on some of Animoca’s portfolio companies.

The company plans to use the fund, called “Animoca Capital,” to invest in Metaverse businesses around the world in partnership with former Morgan Stanley executive Homer Sun.

Animoca Brands has previously raised $360 million and $75 million in financing rounds, and its Japanese subsidiary raised an additional $45 million in August.

The company’s goal is to develop an ecosystem of cryptocurrency organizations that support the advancement of Web3 and to establish digital property rights recognized by the legal system.