The company has always looked upon mergers and acquisitions to cope with the trend and even to get an edge to stay relevant and ahead
Recently Animoca Brands has finished its remarkable acquisition of popular racing games publishers Eden Games. Gaming and venture capital firm has acquired the publisher of prominent games such as Gear.Club, Test Drive series and other racing games. Eden Games was founded in 1998 in France and later became a subsidiary firm of Engine Gaming and Media.
The parent company of Eden Games, Engine Gaming and Media, sold about 96% of its stake in the company for $15.3 on 7th April to Animoca Brands.
On 12th April, Chairman of Animoca Brands, Yat Siu, while stating about the acquisition, said that the company has plans to boost the enhancement in its anticipated REVV Motorsport (REVV) ecosystem. It has plans to do so by taking a ‘metaverse first approach’ for new and existing gaming titles.
Other than this, the company also has plans towards introducing new racing games based on blockchain. Eden games’ advantage is its partnerships with various automotive industries like BMW, Porsche, Bugatti, and others that would also be hoped to help Anioca to out more robust gaming suite for racing game experts and professionals.
The aforementioned REVV Motorsport ecosystem has racing games on Polygon, an Ethereum based scaling solution, MotoGP: Ignition, Formula E: High Voltage and Torque Drift. These games are based on blockchain and have non-fungible tokens or NFTs integrated on platforms.
Deloitte estimated that Animoca would generate about $2 billion by inserting its NFT products into sports and NFT transactions this year. Chairman and co-founder of Animoca Brands Yat Siu started on 11th April that the acquisition of Eden Games would act as a value addition to the community of REVV and overall racing metaverse in the way of its numerous assets in the racing world.
On 15th March, the popular F1 Delta time game shut down its operation when the company lost its Formula 1 racing brand license. The exit of Delta Time made the space vacant, and Animoca has been building its ecosystem of racing games in order to fill the gap. However, there was no information disclosed regarding the titles of developing projects after the new acquisition.
The Crypto industry is fond of F1 racing, which can be seen as eight crypto companies currently sponsoring racing teams, including leading crypto exchange Binance, Crypto.com and ethereum based scaling solution Fantom, etc. Animoca Brands is among those active investors in the NFT and Metaverse sector, and its holdings include Axie Infinity (AXS) and Sandbox (SAND).
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Source: https://www.thecoinrepublic.com/2022/04/12/why-did-animoca-brands-acquire-racing-games-publisher-eden-games/