Animoca Brands, a global leader in branded blockchain gaming raised another $50 million recently, increasing its total funding to $138.9 million. Animoca provides creative ways of monetizing video games such as granting digital property rights to gamers using non-fungible tokens (NFTs).
The Hong Kong corporation is valued at a $1 billion pre-money valuation. Blue Pool Capital, Coinbase Ventures, Gobi Partners, Korea Investment Partners, Liberty City Ventures, Samsung Venture Investment,Token Bay Capital, and other major investors participated in this second tranche. Animoca Brands raised $88.9 million in the first tranche of financing in May, based on a $1B valuation.
Using NFTs as in-game awards
Animoca is dedicated to delivering digital property rights to video gamers and the metaverse via the use of NFTs, which can verify digital collectibles on a blockchain, the secure and transparent digital record that underpins cryptocurrencies.
REVV tokens are awarded to gamers who participate in Animoca games such as F1 Delta Time, a Formula 1-based racing game. In addition, Animoca’s Sandbox provides SAND tokens that can be used to purchase land or buy and sell objects in the Sandbox environment. Sandbox players can build NFT goods and sell them in a marketplace.
The new funds will be used to fund strategic investments and acquisitions, product development, and licenses for well-known intellectual property.
Animoca has made recent investments in the blockchain gaming industry writ large, including Dapper Labs, Opensea, Bitski, and Axie Infinity.
Animoca Brands expanding on blockchain-based gaming
Animoca Brands is one of the world’s leading technological groups, driving the usage of blockchain-based in-game awards and providing creative ways to monetize video games with the recent launch of the GAMEE, TOWER, and LMT tokens.
Chairman Yat Siu stated that Animoca is honored to welcome strategic investors who offer significant synergy and partnership prospects. According to Siu, the strong demand push for investment is a clear affirmation of their objective to give digital property rights to gamers and further solidify the metaverse.
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Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.