Animoca Brands NFT City 5B 2.2B

Animoca Brands NFT City 5B 2.2B

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Animoca Brands, a leading investor in non-fungible tokens (NFTs) and decentralized gaming, has completed a $65 million capital raise at a $2.2 billion valuation. the company announced Wednesday.

The company announced Wednesday that investors in the round include Liberty City Ventures, Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Com2uS, Kingsway Capital, 10T, Token Bay Capital, Smile Group, Tess Ventures and MSA Capital.

The new capital will be used to finance strategic investments and acquisitions, product development and licensing of popular intellectual property, the company said in a press release.

Animoca Brands completed a $138.88 million raise in July, and the company’s valuation has now more than doubled since its $88 million funding round in May, which valued the company at $1 billion.

After hitting home runs in its early investments in companies like Axie Infinity, Dapper Labs and OpenSea, the company’s portfolio now includes more than 100 NFT-related companies, it said in a press release.

Two recent investments include Genopets, a project that introduces “move to win” into the GameFi lexicon, and reNFT, a company that creates lending protocols for NFTs with profitable use cases.

Animoca Chairman Yat Siu sees a bright future for decentralized gaming based on blockchain technology.

“NFTs are really a digital store of culture. And we all get into culture more than we get into just money,” Siu told CoinDesk in an interview. “People who come from finance often see cryptocurrency in financial terms, but with gaming, we approach it from a cultural perspective.”

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