01/07/2021 Crypto Unicorn Raises Funds to Create NFTs for Gamers

Animoca Brands, a Hong Kong-based blockchain game and non-fungible token (NFT) creator, has raised $50 million as part of its latest funding round.

The new tranche, which takes the firm’s most recent funding round to about $139 million and has been conducted at a pre-money valuation of $1 billion, included participation from investors Blue Pool CapitalCoinbase VenturesLiberty City Ventures and Samsung Venture Investment Corp., the company said in a statement.

The previous tranche in the round came in May and had been led by Kingsway Capital, with participation from investors including Huobi and HashKey Fintech Investment Fund.

The new capital will be used to fund strategic investments and acquisitions, product development and licenses for popular intellectual property, according to the statement. Most recently, the company announced it had signed up the U.K.’s Queens Park Rangers Football Club as a partner brand to develop and launch NFTs with on its platform. As part of its latest announcement, Animoca Brands said it’s going to issue NFTs to its investors and key partners to commemorate its unicorn status.

Founded in 2014, Animoca Brands develops games including The Sandbox and F1 Delta Time, where players collect and trade NFTs on a blockchain-based platform. It’s also an early investor in Dapper Labs, the maker of CryptoKitties and NBA Top Shot. The firm delisted from Australia’s stock exchange in March 2020.