Animoca Brands raises another $50 million in its second funding round

Animoca Brands raises another $50 million in its second funding round

Animoca Brands, a Hong-Kong based NFT digital property company, has reportedly raised another $50 million, taking the total amount raised through its latest investment round to approximately $138.88 million.

The company's pre-money valuation is $1 billion. Coinbase Ventures, Korea Investment Partners, Gobi Partners, Blue Pool Capital, Korea Investment Partners, Samsung Venture Investment Corp., Liberty City Ventures, zVentures (Razer Inc.'s corporate venture arm), Token Bay Capital, and others are among the investors who have taken part in the second tranch of the funding round.

The company is focused on providing digital property rights to the gamers and metaverse via the NFTs (nonfungible tokens), which can effectively authenticate digital collectibles, as well as blockchain, the stable and trustworthy digital ledger tch that powers cryptocurrencies.

REVV tokens are awarded to gamers who participate in Animoca games such as F1 Delta Time. In addition, Animoca's Sandbox provides SAND tokens that can be used to purchase land or sell and buy goods in the Sandbox environment. Sandbox players can develop NFT products and sell them in a marketplace.

The new funds will be utilized to support strategic investments and mergers, product development, and licensing for well-known intellectual property. Including Opensea, Axie Infinity, Dapper Labs, and Bitski, among few others, the company has also invested in the blockchain industry.

Animoca Brands is one of the world's top technological organizations, pushing the usage of blockchain-based in-game incentives and inventing novel methods to monetize video games. The company has recently launched the GAMEE, TOWER, and LMT tokens.

Animoca Brands chairman, Yat Siu, stated that the firm is thrilled to welcome strategic investors who provide tremendous synergy and cooperation prospects.

Siu also added that the high demand that the firm saw for the upsurge is a clear support for Animoca Brands' aim to provide digital property rights to gamers and create the metaverse.

Source credit: https://venturebeat.com/2021/07/01/animoca-brands-completes-funding-round-with-an-additional-50m-raised/