Soros, Winklevoss Invest in NFT Creator Now Valued at $5 Billion

Animoca Brands, a non-fungible token and metaverse company, is being valued at $5 billion. Following a funding round led by Soros Fund Management and the Winklevoss twins’ venture capital firm.
In October, cryptocurrency exchange FTX Trading Ltd. and the NFT trading platform reached $25 billion. OpenSea reaching $13 billion this month, blockchain industry players have seen their valuations explode over the past year. The company raised $359 million in a follow-on capital raising to its October round valued at $2.2 billion. Its 2021 full-year total for raising capital will exceed its full-year total for 2021.

The company’s latest fundraising was led by existing investor Liberty City Ventures and included Mirae Asset, Sequoia China, Kingsway, Pacific Century Group, and C Ventures. As a company, it offers NFTs and games backed by blockchain platforms, both its own products and those it has partnered with outside brands, on mobile devices, home consoles, and the web. According to Manuel Stotz, the founder, and CEO of Kingsway Capital, the huge adoption of blockchain technology could depend on game development. “Animoca Brands is perhaps the best-positioned company in this space globally,” Stotz said.

NFT hype

In 2021, NFTs took the lead in the hype surrounding cryptocurrencies. Garnering an award as a dictionary’s word of the year. They have now become a speculative investment vehicle as well as a marketing tool for brands, celebrities, and artists. Animoca is among the firms looking to capture the demand for fresh content. For the creation and distribution of NFTs. The company has been signing up popular brands such as football clubs, racing competitions, and entertainment franchises. To commemorate reaching unicorn status, it issued NFTs to its investors when it first surpassed a $1 billion valuation.

One of the first companies to adopt a blockchain gaming strategy in 2018 was Animoca Brands, which had been anticipating NFT applications in games. Blockchain games have come true, but they still face significant hurdles in mainstream adoption. Along with ease of use, and environmental impact concerns (some true, some outdated) as well as scam fears. Gamers have resented the NFT.

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