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Open metaverse concept gets $75m VC boost

By Carine Lee

03:17, 21 July 2022

3D rendering of a metaverse
3D rendering of a metaverse – Photo: Shutterstock

Animoca Brands recently announced that it has completed a capital raise of $75.32m which the Hong Kong-based firm will pump into multiple areas of the digital economy.

“Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse,” it said in a statement.

The Sandbox (SAND), is one of Animoca Brands’ products, allows transfers of non-fungible token items with other platforms and is part of its open metaverse approach.

SAND to US dollar

REVV Motorsport is a metaverse of racing games and also one of the blockchain game maker’s products.

REVV Motorsport is based on the play-and-earn concept where players earn REVV tokens by participating in the games.

“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse,” said Yat Siu, Animoca Brands co-founder and executive chairman.

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0.61 Price
+4.820% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


170.51 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.13 Price
+3.580% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


66,799.25 Price
-0.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

REVV to US dollar

One of the investors, Liberty City Ventures, said that over the next decade the “game changing power” of blockchain based digital ownership of assets would see widespread adoption.

Other investors in the current tranche include, Kingsway Capital, Alpha Wave Ventures, 10T and SG Spring Limited Partnership Fund.

The current raise is the second tranche of the funding previously announced on 18 January, which was extended to accommodate due diligence processes, Animoca Brands said in a statement.

The blockchain game maker recently led a Series A funding round for South Korean Planetarium Labs raising $32m.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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