News hardware What is Animoca Brands? The Multi-Billionaire NFT Game Publisher Backed by Giants
Although artistic NFTs are facing massive disinterest following their speculative peak, several players are trying to demonstrate a different utility of these virtual certificates. Animoca brands, ambitious about blockchain technology in games, is among the publishers who want to build the web3 gaming of tomorrow – by putting non-fungible token technology (NFT) at the center.
NFTs for players, the Animoca brands project
Animoca Brands is a Hong Kong-based game publisher focused on “bringing digital property rights to video game players and the metaverse through the use of blockchain and non-fungible tokens (NFTs).”
Through the use of these new technologies, the company wishes to develop a new economic model for players by granting them true digital ownership of the “consumables” in games.
Concretely, in Counter strike, when you buy or unlock a weapon skin, it does not really belong to you – Steam owns it. By using NFT technology, Animoca wants to overcome this problem. Indeed, if this skin is an NFT, then its owner has several tools allowing him to use his consumable as he pleases and thus assert his right of virtual property. He can therefore remove it from the platform, sell it or even use it in another game if the skin is interoperable.
In addition, Animoca wishes to rely on these innovations to reward more graciously the creators and developers of its ecosystem. In this sense, the company pays 95% of the income while retaining 5% commission.
If adoption seems quite remote due to the reluctance of some players, Animoca Brands is already experimenting with several games with this type of functionality.
Animoca brands: the giant of NFT-enhanced games
Initially seen as a classic mobile game company, Animoca brands quickly took the path of new so-called web3 technologies. In 2018, the company is embarking on initial funding in sectors such as blockchcain (technology behind cryptocurrencies and NFTs).
Following its numerous takeovers, the developer quickly became a gaming pioneer specializing in the metaverse and NFTs.
For example, the company owns several free-to-play titles embedding cryptocurrencies or NFTs:
- Beast Quest, a “Clash Royale like” mobile game boosted with NFTs
- Crazy Defense Heroes, a strategic mobile game in which you can be rewarded with TOWER tokens
- Axie Inifitny, the fighting game embedding NFTs and cryptocurrencies (AXS SLP)
Apart from web3 games, the company also invests heavily in the metaverse. It notably owns The Sandbox, the French metaverse which is one of the most popular virtual worlds.
Through these numerous acquisitions, Animoca Brands is unquestionably a leader in games of this new genre, but the company does not intend to stop there…
Animoca Brands in a few figures
In a logic of development, Animoca Brands continues to raise millions. In 2022, the company has multiplied spectacular fundraising.
Last January, Animoca announced that it had raised more than 350 million euros. At the beginning of September, the company reiterated with more than 110 million euros accumulated. Among the investors, there are renowned players such as Samsung Ventures or zVentures (a branch of Razer Inc. investment).
These numerous investments bring the valuation of the company to approximately more than 5.4 billion euros.
“We are honored and delighted to welcome strategic investors who offer powerful opportunities for synergy and partnership. The strong demand we’ve seen from this fundraiser is clear support for Animoca Brands’ mission to deliver digital property rights to gamers and build the Metaverse,” said Yat Siu, President of Animoca Brands.
A publisher, developer and investor, Animoca Brands seems determined to develop a viable use of NFTs in the video game sector. However, the company is aware that this new kind of game is struggling to be adopted. Thus, for the moment, the company is taking small steps and is mainly focusing on low-cost mobile games.
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What is Animoca Brands? The Multi-Billionaire NFT Game Publisher Backed by Giants
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