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Animoca Brands Raises $75M Funding Round: Plans to Expand Open Metaverse Concept

 


Blockchain gaming studio Animoca Brands has closed another strategic funding round, giving the company additional resources for its expansion plans in the Metaverse. 


The company announced Tuesday it had closed a $75.32 million (prior valuation: $5.9 billion) funding round from Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund and others. This capital raise is the second "tranche" of funding after the firm raised $358.8 million in January with help from venture capital giants including Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.


Animoca said the company will use this capital to fund strategic acquisitions, product development and intellectual property licensing. The ultimate goal is to expand its so-called "Open Metaverse" concept. The company also said it plans to continue using blockchain technology, including non-fungible tokens (NFT) , decentralized finance and GameFi, to promote digital property rights.

Despite the crypto bear market, Animoca has been actively expanding its portfolio in 2022. In April, the games studio acquired a large stake in Australian digital marketing firm Be Media . This is intended to establish further partnerships with the local blockchain industry. That same month, Animoca bought video game publishers Eden Games and Darewise Entertainment.


Animoca subsidiary The Sandbox ( SAND ) plays a leading role in the fledgling metaverse industry. As Cointelegraph reported, American lifestyle and entertainment brand Playboy recently announced the "MetaMansion" in The Sandbox . This virtual mansion is based on the Playboy Mansion in the physical world and users can participate in many games and social events here.


According to CoinMarketCap, The Sandbox currently has a total market cap of $1.4 billion, making it the second largest Metaverse project behind Decentraland.

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