Animoca Brands raises $75 million to advance digital property rights for the Metaverse

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The Metaverse may soon be worth $5 trillion

Hong Kong-based Web3 gaming company Animoca Brands has raised over $75 million to support the development of an open Metaverse and improve digital property rights for the gaming industry through blockchain and NFTs. The company is now valued at $5.9 billion.

The investors included 10T Holdings, Liberty City Ventures, Generation Highway, Kingsway Capital, Cosmic Summit Investments Limited, Alpha Wave Ventures, and SG Spring Limited Partnership Fund.

According to a press release, the fund targets “strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users.”

Blockchain technology and NFTs help to achieve digital property rights. The company also promotes itself as an advocate of decentralization.

“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open Metaverse. We are deeply honored to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership,” said Animoca Brands co-founder Yat Siu.

In January, the gaming company raised $358,888,888 to develop the open Metaverse and offer users new DeFi and GameFi opportunities. 

The company also actively invests in Web3 companies, including OpenSea, Axie Infinity, Dapper Labs, Star Atlas, Yield Guild Games, Colossal, Harmony, and Alien Worlds. Last month, Animoca Brands helped to raise $3.6 million for the Metaverse platform Soulbound.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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