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

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Blockchain gaming and enterprise studio Animoca Brands has closed one other strategic funding spherical, giving the corporate further assets to develop its acquisition targets within the metaverse sector. 

The firm introduced Tuesday that it has closed a $75.32 million funding spherical 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 increase represents the “second tranche” of funding following a $358.8 million increase in January that was supported by enterprise giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.

Animoca stated the brand new capital will fund strategic acquisitions, product improvement and mental property licenses because it appears to advance the so-called “open metaverse” idea. The firm stated it plans to proceed utilizing blockchain know-how, together with nonfungible tokens (NFTs), decentralized finance and GameFi, to advertise digital property rights.

Despite the presence of a bear market in digital belongings, Animoca has been actively increasing its portfolio in 2022. In April, the enterprise studio acquired a big stake in Australian digital advertising agency Be Media — a transfer designed to develop partnerships with the native blockchain business. The similar month, Animoca bought online game publishers Eden Games and Darewise Entertainment.

Related: VC Roundup: ‘Web5,’ Metaverse sports activities and Bitcoin monetization startups generate buzz

Animoca subsidiary The Sandbox (SAND) has performed a number one function in advancing the still-nascent metaverse business. As Cointelegraph reported, American way of life and leisure model Playboy just lately introduced the launch of a “MetaMansion” in The Sandbox — a digital mansion that may give customers the power to take part in a number of gaming and social occasions.

The Sandbox at present has a complete market capitalization of $1.4 billion, making it the second-largest metaverse undertaking behind Decentraland, in accordance with CoinMarketCap.