In Brief:
- Animoca Brands have raised a whopping $358 million at a pre money valuation of over $5 billion.
- The Funding round was led by Liberty City Ventures.
- Animoca Brands is working to create the open metaverse by bringing digital property rights to online users via blockchain and NFTs.
Animoca Brands has raised a fresh round of fundraising for the fourth time since May, this time for $358.8888 million at a pre money valuation of over $5 billion. It’s yet another support for blockchain gaming and the company’s efforts to create an open metaverse, solidifying crypto’s main trends for 2022.
It intends to use the funds to make acquisitions, develop new products, and licence additional intellectual property.
The round was led by Liberty City Ventures, with participation from some of the major blockchain venture funds, comprising 10T Holdings, Gemini Frontier Fund, ParaFi Capital, Provident, Sequoia China, and Winklevoss Capital.
The company issued 111 million shares for $358 million, stating that the funds will be used for acquisitions, investments, product development, and intellectual property licence purchases.
The investment takes the company’s total cash raised to about $700 million, more than doubling its prior valuation of $2.2 billion from October 2021.
Animoca Brands is working to create the open metaverse by bringing digital property rights to online users via blockchain and NFTs. These technologies enable true digital ownership of users’ virtual assets and data, as well as various DeFi and GameFi opportunities, asset interoperability, and an open framework that can lead to greater equitability for all participants.
Animoca Brands is an active investor in more than 150 of the world’s most important NFT and metaverse-related companies, including OpenSea, Dapper Labs, Yield Guild Games, Star Atlas, Axie Infinity, Thetan Arena, and many others, in addition to its product creation and publishing businesses.
The Sandbox and its related utility token SAND, the impending Phantom Galaxies triple-A, the REVV token ecosystem, and the Arc8 platform and its Gamee utility token are just a few of the company’s key blockchain game initiatives.
Blockchain technology and its role in altering the internet and digital economy are attracting a lot of interest from venture capital funds. Many sectors are sliding into the gaming industry as a result of the spread of blockchain technology and decentralised finance around the world. Binance Smart Chain and Animoca Brands also reportedly raised $200 million for GameFi projects in December 2021.
