Hong Kong-based Animoca Brands has announced that it is financially stable to continue its operations and is sitting on $2.7 billion worth of token reserves. The company has disclosed that it has a stablecoin reserve of $194 million and $566 million worth of liquid digital assets, including SAND, a utility token for the Sandbox NFT metaverse platform.

Animoca Brands recorded a total of $148 million in bookings and other incomes in the last quarter of 2021. The bookings consisted of NFT sales, including secondary sales, token sales, and income from non-blockchain activities. By the first quarter of 2022, the company recorded $573 million under bookings and other incomes, showing an increase of $425 million. Its cash balance in the same time frame consisted of $98 million and $211 million in digital assets, including BTC, USDC, BUSD, ETH, and USDT.

The company has continued to push its interest in becoming a top brand in gaming and the metaverse. It announced a partnership with Notre Game, one of its subsidiaries, and ONE Championship, a renowned martial arts organization, to create an NFT-powered mobile game, ONE Fight Arena. The game’s player testing will commence in quarter 4 of 2023 and launch globally in Q1 of 2024. Animoca Brands has also announced a commercial agreement with STC Play to publish video games in MENA’s many distribution channels, including STC’s.

Animoca Brands has disclosed plans to report its audited financial statements for 2020, 2022, and financial results for Q1 of 2023. The company has a focus on gamification, blockchain, and digital entertainment, aiming to advance digital property rights for the open metaverse. Some of the products by the company include the SAND token and REVV token, with original games such as The Sandbox, Crazy Defense Heroes, and Crazy Kings, and many subsidiaries, including Notre Game.

Although the company’s entry into the crypto space was not an enjoyable ride, being delisted from the Australian Stock Exchange (ASX) in March 2020 for engaging in the digital asset industry, Animoca Brands made the Financial Times list of “high growth companies in Asia-Pacific” in 2021. The company has since become financially stable and continues to thrive in the gaming and digital entertainment space.

Blockchain

Articles You May Like

SEC’s Actions on Cryptocurrencies Straying into Dangerous Legal Territory, Says Ripple Lawyer
G7 nations need to take a more proactive approach to regulate the crypto industry, says FATF chief
SUI Mainnet Goes Live and Native Token Now Trading on Major Exchanges
SEC Chair Criticizes Crypto Industry for Lack of Compliance

Leave a Reply

Your email address will not be published. Required fields are marked *