Animoca Brands is a Hong Kong-based blockchain game developer and an investor in Non-Homogeneous Tokens (NFTs). The company has attracted new capital from investors such as France's Ubisoft Entertainment and Sequoia China, and its valuation has now reached $2.2 billion.
The full name of NFT is Non-Fungible Tokens, which refers to non-homogeneous tokens. is the only cryptocurrency token used to represent digital assets, including jpg and video clip forms. NFTs can be bought and sold, just like tangible assets. Simply put, NFT is an entry for blockchain, which is a decentralized digital ledger technology similar to cryptocurrencies such as Bitcoin. Because of the irreplaceable nature of NFTs, this means that they can be used to represent something unique, such as the original Mona Lisa painting in a museum, or the ownership of a piece of land.
Animoca recently announced that the company raised $65 million in its latest funding round, including Liberty City Ventures, Dragonfly Capital, and Sun Yuchen, founder of cryptocurrency platform Tron. In May, Animoca raised $88.9 million through a funding round, making the seven-year-old company a unicorn.
The company's blockchain game allowed players to collect and trade NFTs on its platform, and it made a name for itself. NFTs are digital assets stored on the blockchain that determine ownership of items such as art, music, video, or game props. Animoca's most popular game is Sandbox, which is similar to minecraft, a video game that builds the world. Sandbox players can create and monetize game assets such as land and wearables.
Animoca said it plans to use the new funds for strategic investments, acquisitions, product development and intellectual property licensing. In a statement, the Animoca co-founders said: "The future is here, and with the support of our new strategic investors, Animoca Brands will continue to advance the development of blockchain in the gaming space, bringing true digital ownership to billions of players and internet users." ”
The company's latest round of funding highlights the rapid adoption of NFTs. According to an industry report released by DappRadar, token trading volume surged to $10.7 billion in the third quarter, up 704% from the previous quarter. Billionaire Elon Musk has also recently jumped on the bandwagon, selling an NFT song, while celebrities such as Lindsay Rohan and Lionel Messi have also started launching their own NFT series. But the hot market has also caught the attention of skeptics, who say the emerging market looks like a bubble already exists.
Founded in 2014, Animoca originally developed games for smartphones and tablets, some of which are based on cartoon characters such as Garfield and Doraemon. The company first dabbled in blockchain gaming around 2017, and has since released several hit games, including one licensed by F1.
Animoca has also been investing in blockchain companies focused on NFT-related businesses. According to DappRadar, its portfolio includes Dapper Labs, developer of the blockchain game CryptoKitties, Sky Mavis, developer of the global blockbuster Axis Infinity, and OpenSea, the NFT's largest market.