Hong Kong-based Animoca Brands has recently revealed that it’s in a financially robust position to continue its operations amidst the constantly fluctuating global markets. As of April 30, 2023, the company has a stablecoin reserve of $194 million, along with $566 million worth of liquid digital assets, including the utility token for the “Sandbox NFT metaverse platform,” SAND. In addition to this, its majority-owned Web 3 subsidiaries hold $2.7 billion in other token reserves not currently included in the balance.
From the last quarter of 2021 to the first quarter of 2022, Animoca Brands demonstrated a significant increase in its financial status. Bookings and other incomes totaled $148 million in the last three months of 2021, which were majorly driven by NFT sales, token sales, and non-blockchain activities. The company’s incomes skyrocketed to $573 million by the first quarter of 2022, marking a remarkable $425 million increase.
During the same time frame, Animoca Brands held a cash balance of $98 million and $211 million in digital assets, including BTC, USDC, BUSD, ETH, and USDT. Other digital assets, such as third-party tokens, accounted for approximately $659 million.
Animoca Brands has been diligently working towards becoming a leading brand in gaming and the metaverse. Its recent partnership with subsidiary Notre Game and martial arts organization ONE Championship has led to the development of an NFT-powered mobile game called ONE Fight Arena, scheduled for global launch in the first quarter of 2024.
With a keen eye on future achievements, Animoca Brands entered into a commercial agreement with STC Play in May 2023, to publish video games across various MENA distribution channels. Shortly after, it also announced a partnership with ALTAVA Group in the same month.
Animoca Brands’ journey into the crypto space has been riddled with challenges. The gaming company was delisted from the Australian Stock Exchange (ASX) in March 2020, due to its involvement in the digital asset industry. However, a year later, in 2021, it made the Financial Times list of “high growth companies in Asia-Pacific.”
Despite obstacles and detractors, Animoca Brands’ financial situation reflects the resilience of the company and the increasing acceptance of blockchain technology and digital assets. As the company continues to grow and adapt, its focus on gamification and the open metaverse through products like the SAND token and REVV token showcases its commitment to advancing digital property rights and digital entertainment.
Source: Cryptonews
