Web3 Firm and Blockchain Gaming Publisher Animoca Brands Raises Additional $110 Million -

Following the receipt of $100 million from Temasek and other investors at the end of August, Animoca Brands has raised an additional $110 million this month. Temasek, Boyu Capital, and GGV Capital led the most recent capital raise, which was disclosed on September 8. Mirae Asset Management and True Global Ventures also took part, according to the announcement.

The Hong Kong-based NFT, venture capital, and gaming company Animoca Brands (AB) has grown through a number of funding rounds despite the crypto winter. The largest bank in Japan, MUFG, and the parent company of Animoca Brands KK (Animoca Brands Japan), raised $45 million for the business’s Japanese division.

The most recent announcement made by Animoca Brands on Thursday stated that Temasek, Boyu Capital, and GGV Capital will offer the company counsel and provide “feedback on [Animoca Brands’] business and capital strategies.” The new funding will be put to use by the Web3 and blockchain gaming publisher for “strategic acquisitions, investments, and product development, as well as to secure licenses for well-known intellectual properties.”

The press release published to Bitcoin.com News also states that the company wants to support the open metaverse. The co-founder and executive chairman of Animoca Brands, Yat Siu, explained that the business has experienced significant growth over the past 12 months.

In a statement, Siu noted that “Animoca Brands has considerably expanded as a business over the past year. Our new investors will give strategic counsel and perspective as we become the world’s top organization advancing digital property rights in the Web3 market.

Web3 and non-fungible tokens (NFTs) have seen a sharp decline in attention and market value since their high last year. Cryptoslam.io’s NFT sales data for the previous 30 days show that monthly NFT sales totaled $543.77 million, a 20.05% decrease from the $680.12 million they were the month before.

Google Trends gave the search phrase “Web3” a score of 100 for the week of December 19–25, 2021. (GT). The “Web3” enquiry now has a global GT score of 67 according to data for September 4–10, 2022. And to make matters worse, the search term “NFT” gets a score of roughly 14 for the time frame of September 4–10.

Due to Animoca Brands’ war chest of cash accumulated over the previous two years, the company was able to fend off the downturn and receive $75 million in mid-July. Forbes reported that Animoca Brands is debating whether to launch an initial public offering (IPO). Since its establishment in 2014, the blockchain gaming publisher and Web3 firm has raised $775.3 million, according to Crunchbase data.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing