Nonfungible tokens (NFT) have been gaining attention in recent months, and NFT digital property firm Animoca Brands has raised over $138 million to expand its presence in the market.
Hong-Kong based firm Animoca Brands announced yesterday that it had raised $138.8 million from its latest funding round. Following this latest round of funding, Animoca Brands said it had achieved unicorn status.
“Animoca Brands, the company bringing digital property rights to gamers via NFTs, today announced that it had closed a second and final tranche of$50 million in its $138.88 million unicorn capital raise, conducted at a pre-money valuation of $1 billion,” the company wrote.
The company is known for providing digital property rights through NFTs and blockchain technology, providing gamers with the power to own or exchange digital assets or properties in video games.
The funding round was led by Coinbase Ventures, the investment arm of the leading cryptocurrency exchange Coinbase. Other investors include Blue Pool Capital, Samsung Venture Investment Corporation, Scopely, Token Bay Capital, Liberty City Ventures, Korea Investment Partners, Gobi Partners, and zVentures.
Yat Siu, co-founder and chairman of Animoca Brands, is excited to welcome strategic investors who provide them with powerful synergy and partnership opportunities. “The strong demand we saw in this raise is a clear endorsement for Animoca Brands’ mission to deliver digital property rights to gamers and build the Metaverse,” he added.
The company said it would use the funds to launch new products, investments & acquisitions, and intellectual property licenses. NFTs have become popular in several sectors, especially in sports and entertainment.
Several artists and sports legends have launched their NFTs in recent months. However, the NFT by digital artist Beeple remains the most expensive after it was sold for nearly $700 million a few months ago.