Animoca Brands, the company behind blockchain-powered games like The Sandbox and F1 Delta Time, is now valued $1 billion, after raising $88,888,888 in funding. They received funding from venture capital groups and investors, including crypto exchange Huobi and NFT fund Metapurse.
The company is planning to use the funding for further aggressive expansion in the NFT and blockchain gaming space. With F1 Delta Time they already have a nice success story, while The Sandbox will launch an early product very soon. Furthermore Animoca owns MotoGP Ignition, invested in Axie Infinity, Dapper Labs, OpenSea and Bitski.
Recently the company acquired mobile gaming platform Gamee, which already has been making moves into the NFT space. At the same time their Tower Initiative is becoming a blueprint to turn free-to-play mobile games into successful play-to-earn titles.
Fun fact, Animoca Brands will issue an NFT to investors, key partners and supporters who helped to make this moment possible. In addition the gaming company is now officially a unicorn company, a startup with a $1 billion valuation. They follow for example Dapper Labs, which reached this status in April with a $2.6 billion valuation.
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And now you might wonder, why is this important? Companies like Electronic Arts and Activision Blizzard are worth tens of billions of dollars. However, these are the traditional gaming companies. Over the years new ideas and gaming concepts have taken over. Mobile gaming became huge, and new business have taken prominent positions there. At the same time digital distribution has changes the gaming business big time.
The rise of blockchain gaming is something companies are keeping an eye on, but the industry will need its Angry Birds moment to really become visible to the gaming giants. Until that time unicorn companies like Animoca Brands have their shot to claim a spot at the throne. That’s exactly what they are doing: investing, acquiring, and creating a foot print. At the same time they put money behind projects that consider essential for NFTs and blockchain / play-to-earn gaming to become mainstream.
So, therefore it’s interesting to see Animoca Brands now being valued at $1 billion. This valuation acknowledges the idea that play-to-earn gaming has a future, and perhaps even a very bright future.