Animoca Brands acquires stake in Be Media digital agency

TL;DR Breakdown

• Hong Kong`s Animoca Brands acquires an Australian media agency to power local NFT and metaverse brands.
• Be Media begins an aggressive hiring process in the field of blockchain development, among others. 

Animoca Brands, a Hong Kong-based blockchain gaming firm, has bought a majority stake in Be Media’s Australian digital marketing agency. The acquisition allows Animoca Brands to use non-fungible tokens (NFTs) and blockchain development for major Australian companies. Following months of negotiations, Animoca announced the agreement on Tuesday, April 19.

Animoca Brands expands NFTs and metaverse grounds into Australia

Be Media has offices in Perth, Melbourne, and Sydney, focusing on Web2 advertising and digital strategy since 2013. Be Media does not entirely focus on the crypto sector. The investment appears to be part of Animoca Brands’ goal of getting firms onto Web3. Be Media also works with several high-profile clients, including Audi, Harley-Davidson, and Finbar.

In 2017, Yat Siu, the 49-year-old Austrian-born entrepreneur from Hong Kong, invested in Dapper Labs, a firm valued at more than $7.6 billion today. It was the first of more than 170 NFT-related investments that he would make over the coming years. Animoca Brands now has part ownership in most of the world’s largest and most successful businesses that use Non-Fungible Tokens. They include OpenSea and Sky Mavis.

Animoca Brands has continued its aggressive growth in Australia. According to the announcement, Be Media will be responsible for generating partnerships with top Australian companies relating to Animoca’s various blockchain-focused efforts, such as NFTs, and establishing an open Metaverse.

Animoca Brands is also looking to provide digital property rights to internet users via blockchain and non-fungible tokens (NFTs) in a bid to increase the security of the system.

“In line with its expanded scope after the acquisition, Be Media has begun an aggressive hiring process in the fields of blockchain development and project management to support the expanding pipeline of opportunities that the company will handle,” the announcement read.

According to the announcement, Australian entrepreneur Jordan Fogarty, the founder, and CEO of Be Media, will retain a stake in the firm. He will also remain as Chief Executive Officer of the acquired company with oversight for all business operations.

Fogarty is a founding investor and booster of Animoca Brands. He has previously sat on the board of OliveX Holdings Limited, and the fitness metaverse firm created and spun out by Animoca Brands.

With his company, Fogarty expressed his enthusiasm for diving into blockchain technology. He said he was honored to be able to assist local businesses in leaping Web3. He is looking forward to introducing clients to the metaverse, NFTs, and the vast potential of digital property rights.

“I couldn’t be more excited to join Yat and Animoca Brands, the dominant frontrunner in Web3, with a bold vision to help to build a truly open and decentralized metaverse. I’m honored to have the opportunity to support cherished Australian brands who want to explore opportunities in this space and introduce their customers to the metaverse, NFTs, and the power of digital property rights,” said Fogarty.

The expansion of NFTs and the metaverse through web3

On April 19, during an interview with the Australian Financial Review (AFR), Fogarty said that there is an “insane” desire from the local business sector to utilize Web3 technologies like NFTs:

“So many brands out there are saying they need to do something in web3, but how, and there are not many service providers with the skills and experience because it’s so new.” He also added, “At the corporate level I’d be surprised if there aren’t many companies thinking of a strategy in this space.”

It’s the third transaction Animoca Brands has completed in the past ten days. Engine Gaming & Media sold a 96 percent stake in Eden Games to Animoca Brands for $15 million. It also paid $3 million for a 70% stake in Darewise Entertainment, currently creating a blockchain video game based on the metaverse.

Animoca’s latest investments complement its prior ones in Australia, including gaming companies Blowfish Studios and Grease Monkey Games. In addition, analysts expect both transactions to aid Animoca in creating triple-A level games based on blockchain technology. 

In January 2022, Animoca Brands secured $360 million in new money at a more than $5 billion valuation. Animoca Brands has established a successful track record in NFT-related firms and decentralized projects, such as The Sandbox, Axie Infinity, Yield Guild Games, Harmony, Alien Worlds, and Star Atlas.

Animoca Brands is a company that works to protect digital property rights through digital entertainment, blockchain, and gamification. It creates and releases various goods, including the REVV token and SAND token. Its involvement of web3 in the digital sector is excellent news for the crypto-blockchain industry as a whole.