Animoca Brands Raises $65M To Push NFT Gaming

Hong Kong-based non-fungible token (NFT) game developer, Animoca Brands, has raised $65 million from several top investors in a just-concluded funding round.

In a press release, the company noted that the funds will be used to make strategic investments and acquisitions, increase its product offering and acquire licensees for popular intellectual properties.

Speaking on the capital raise, Animoca Brands’ co-founder and CEO, Yat Siu said,

“With the backing of our new strategic investors, Animoca Brands will continue to advance blockchain in gaming and beyond to introduce billions of gamers and Internet users to true digital ownership.”

The funding round saw the notable participation of investors like Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Liberty City Ventures, Justin Sun, Mirana Corp, and many more.

A spokesperson for MSA Capital added,

“We believe crypto not only provides novel in-game monetization but also precipitates new systems for digital rights, begetting NFTs and metaverses. Animoca Brands has been a pioneer in this burgeoning space and we believe this team has the right skillset and tools to usher in this new digital world.”

Following the latest capital injection, Animoca Brands is currently at a $2.2 billion valuation.

The Rise of NFT Gaming

The NFT market has witnessed explosive growth in recent months, with the rise of NFT-based play-to-earn games that offer digital property rights, and GameFi opportunities.

Animoca Brands is one of the earliest companies to bet on the blockchain gaming framework, investing early in some of the biggest NFT projects today, including OpenSea, Dapper Labs, and Axie Infinity.

The company is focused on creating an open metaverse that allows people to have complete ownership of their data and seamlessly move their digital assets from one world to another.

Siu added,

” In 2018 we laid out a strategy based on our assessment that in the future digital property rights would revolutionize industries by expanding financial inclusion and that this significant change would start with NFT adoption in games. That future is already here.”

Earlier this year, Animoca Brands raised about $138.88 million on two separate funding rounds from some of the biggest names in the tech and crypto industry including Samsung and Coinbase Ventures.

The NFT space has opened up many opportunities and several companies, both within and outside the crypto industry are jumping on the trend, including Coinbase, Facebook, Visa, and even TikTok.

Blockchain