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Animoca Brands Raises $360M To Build Open Metaverse

Animoca Brands has raised nearly $360 million in a new funding round that values the Hong Kong-based blockchain gaming business at $5.4 billion. The investment more than doubles its previous valuation of $2.2 billion from October 2021 and brings its total capital raised to almost $700 million. The company says it plans to use the money for acquisitions, product development, and licensing additional intellectual property.

“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,” said Yat Siu, Brands Co-Founder and Executive Chairman of Animoca Brands.

The funding, which continues an explosive period for blockchain gaming and non-fungible tokens, was led by Liberty City Ventures and included additional investors such as Winklevoss Capital and Soros Fund Management. The market for NFTs exploded to nearly $25 billion in 2021, from just under $100 million in 2020, according to data from NFT sales tracking firm DappRadar, with gaming-related digital assets accounting for roughly 20% of that. Last year alone, blockchain and NFT gaming companies received investments totaling $3.6 billion. 

Animoca Brands develops, operates, and invests in blockchain gaming and NFT-related companies and is underpinned by the concept of “true digital ownership,” or turning every game item into real world assets in the form of NFTs. Its most popular titles include The Sandbox and Revv Racing. The company also has investments in more than 150 NFT, metaverse, and blockchain companies, including OpenSea, NBA Top Shot creator Dapper Labs, Axie Infinity developer Sky Mavis and, just recently, in the Fan Controlled Football league.

(All information was provided by Forbes)

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