This Company is Excelling in Web3 Despite Silence in the Sector 

In a sector where several organizations are having a difficult time sustaining their business, Animoca Brands has come out as a Web3 powerhouse. In their latest report, the gaming company reveals over $2 Billion worth of assets in their portfolio. Off-balance sheet token reserves make up a majority of the portion in this.

The Company Has Stayed Clear of Backlash So Far

Alike Web3, the metaverse is thought to be dead by industry experts. As a matter of fact, Animoca Brands has excelled in this space too, with Mocaverse, their metaverse venture. It has attracted over $30 Million in funding from investors. Recently, the company raised $11.88 Million. The organization has called the division the “cornerstone for web3 culture and entertainment.”

Metaverse is usually seen as a space combining multiple virtual worlds driven by interoperability. Mocaverse is no different. It is a culmination of applications operating in a variety of sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, art, and more.

Currently, they have a combined user base, from Web2 and Web3, of around 700 Million users. Animoca plans to onboard more users on the latter. They have a chance to achieve the feat as it has already cemented its position with its wide-ranging presence in the sector. The Sandbox (SAND), for one, is their leading metaverse and P2E game with 5 Million wallets on the platform.

The Asia region is actively powering the Animoca Brands ecosystem. 31 percent of users, brands, and partners in The Sandbox come from there only. The company acquired a social gaming platform dubbed GAMEE. It could change the winds for Animoca for it holds a user base of over 30 Million players.

Interestingly, the application is centered around mobile gaming users which has rapidly gained traction in the past few years. Global revenue for the sector grew by 80 percent between 2017 and 2021. A primary boost was added during the COVID-19. The pandemic loaded these platforms with 400 more users, however, it has declined a bit in recent times.

At the heart of Animoca remains gaming with 110 companies in their portfolio having an association with the sector. Other industries the Web3 organization has tapped include entertainment, health, sports, music, and more. After 4 years of its launch, the company transitioned its focus from mobile gaming to blockchain and (non-fungible tokens) NFTs.

For the better part since its entry into gaming, NFTs have been despised by traditional gamers. Video games company Ubisoft met with a backlash after they released Quartz NFTs for their AAA title Tom Clancy’s Ghost Recon Breakpoint. From the traditional side of the aisle, NFT games are not fun and driven by financial force only.

The presence of a handful of mainstream organizations is not sufficient to bring blockchain gaming to a better light. Animoca Brands can be perceived as an exception in this case given that the company’s products are appealing to a grand user base.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.