Open metaverse concept gets $75m VC boost
By Carine Lee
03:17, 21 July 2022
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.
What is your sentiment on SAND/USD?
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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