Animoca Brands raises $75M to advance ‘open metaverse’ concept

The company behind The Sandbox continues to attract sizable investments as it eyes new acquisitions in the play-to-earn and metaverse sectors.

Blockchain gaming and venture studio Animoca Brands has closed another strategic funding round, giving the company additional resources to expand its acquisition targets in the metaverse sector.
The company announced Tuesday that it has closed a $75.32 million funding round at a pre-money valuation of $5.9 billion backed by Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund and others. The raise represents the “second tranche” of funding following a $358.8 million raise in January that was supported by venture giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.
Animoca said the new capital will fund strategic acquisitions, product development and intellectual property licenses as it looks to advance the so-called “open metaverse” concept. The company said it plans to continue using blockchain technology, including nonfungible tokens (NFTs)

, decentralized finance and GameFi, to promote digital property rights.

Despite the presence of a bear market in digital assets, Animoca has been actively expanding its portfolio in 2022. In April, the venture studio acquired a large stake in Australian digital marketing firm Be Media — a move designed to expand partnerships with the local blockchain industry. The same month, Animoca purchased video game publishers Eden Games and Darewise Entertainment.
Animoca subsidiary The Sandbox (SAND) has played a leading role in advancing the still-nascent metaverse industry. As Cointelegraph reported, American lifestyle and entertainment brand Playboy recently announced the launch of a “MetaMansion” in The Sandbox — a virtual mansion that will give users the ability to participate in a host of gaming and social events.
The Sandbox currently has a total market capitalization of $1.4 billion, making it the second-largest metaverse project behind Decentraland, according to CoinMarketCap.


Recent Posts

Why Hire a Car Accident Lawyer

So you've been involved in a car accident and think you may have a case. How do…

4 weeks ago

Find A Car Accident Lawyer Near You

Table of Contents Finding the Best Car Accident Attorney Why Do I Need an Auto…

4 weeks ago

How to Invest in Cryptocurrency: A Beginner’s Guide

In today's digital age, cryptocurrency has emerged as a transformative asset class, captivating the interest…

1 month ago

Partners In Health: Redefining the Possibilities of Health Care

“We’re saving lives, revitalizing communities, and transforming global health.” These are the defining words of Partners…

1 month ago

Why Dogs Follow You Into the Bathroom: Unraveling Canine Curiosity and Loyalty

Introduction Dogs have a unique way of endearing themselves to their human companions. One of…

1 month ago

The Role of an Auto Accident Attorney

 Introduction: Getting involved in an auto accident can be a traumatic experience, leaving victims with…

2 months ago