Animoca Brands raises $358 million to fund open metaverse project

Animoca Brands has raised an additional US$358 million to push its total funding to US$600 million as it bids to create a blockchain technology-based open metaverse.

The amount would help fund more acquisitions, aid product development, and secure licenses for intellectual properties

The company seeks to provide digital ownership of assets and data to be used across the metaverse without impediment.

This latest funding round pushed the Hong Kong-based Australian firm’s valuation over US$5 billion.

The funding round was led by Liberty City Ventures and includes Gemini Frontier Fund, Soros Fund Management, and Winklevoss Capital as investors.

Animoca Brands has invested in over 150 non-fungible tokens (NFT) and blockchain-related technology firms, including Dapper Labs and the OpenSea marketplace, while also offering products to help customers build digital tokens, metaverse worlds, and gaming experiences.

Animoca Brands has helped create NFT-based games for several motorsport entities, including Formula One, MotoGP, and Formula E. It recently led a Series A funding round for Fan Controlled Football, which will have four teams controlled by NFT communities.

Animal Brands saw tremendous growth in the metaverse in 2021 and has been one of the forefront leaders in the industry's development.