Animoca Brands raises $360 million

Animoca Brands raises $360 million

Remy Sharp
Play To Earn Games | 28 Mar 2023 13:13 UTC

Blockchain and NFT Gaming Company Animoca Brands Recent Funding for The Open Metaverse.

Blockchain gaming enjoys the high tide as Hong Kong-based crypto game studio Animoca Brands raises $360 million in a recent funding round.

The funding round now values Animoca Brands at $5.4 billion. The recent investment has doubled the previous valuation figure of $2.2 billion. The total capital raised by the company now amounts to $700 million.

Game studio Animoca Brands raises $360 million - Video Games
Game studio Animoca Brands raises $360 million - Video Games

Animoca Brands now plans to utilize the capital in creating new products, acquisitions, and licensing of additional intellectual property.

The exponential growth and interest continue in blockchain gaming and NFTs. The recent funding round was led by Liberty City Ventures along with investors like Winklevoss Capital and Soros Fund Management.

The growth in the blockchain gaming market witnessed a massive increase last year when compared to 2020. The market volume increased from $100 million in 2020 to $25 billion in 2021, according to DappRadar data.

The tide was so massive that blockchain and NFT gaming companies received a whopping $3.6 billion in investments, according to a report by Axios Gaming.

Animoca Brands co-founder and executive chairman Yat Siu released the statement, “We believe we are still at the initial stages of a new internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”

Animoca Brands is a leading company in blockchain and NFTs gaming with a focus on “true digital ownership.” It plans to make and turn every game into a real-world asset where the players have full ownership of digital items.

Game studio Animoca Brands raises $360 million
Game studio Animoca Brands raises $360 million

Its popular projects are The Sandbox and Revv Racing. The company has a solid expansion ratio with investments in several metaverses, blockchain, and NFT gaming companies.

Some of the companies are OpenSea, Sky Mavis, Dapper Labs, and the Fan Controlled Football League.

However, Animoca Brands is not the only company enjoying massive investments, its competitor Mythical Games raised $75 million, Sorare raised $680 million.

Sky Mavis and Dapper Labs also received huge investments of $152 million and $250 million respectively.

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