thecoinrepublic.com
- 1 Animoca Brands releases an interim financial report on April 30, 2023.
- 2 The valuation of the company dropped from $6 billion to $2 billion in March.
- 3 Animoca Brands partners with ALTAVA group to make use of the Bored Ape Yacht Club NFT in Animoca’s brand portfolio.
The update revealed that the reserves were as, $194 million in cash, $566 million in digital assets and $2.7 million for majority-owned Web3 subsidiaries.
Animoca Brands
Animoca Brands Corporation Ltd is a Venture Capital Company founded in 2014 by Yat Siu and David Kim. Initially, the company focused on developing mobile games but eventually shifted to Blockchain gaming and NFTs a few years back.
Financial Report by Animoca
Animoca Brands is a venture capital firm. It released a report that displayed its unaudited financial positions till April 30, 2023. The company showcases its $3.4 billion assets and puts a strong point saying it remains financially strong even when reports say that its valuation is degrading.
The company highlighted various assets like cash worth $194 million and liquid assets worth $566 million via this interim financial report. This includes reserves in the sandbox tokens and off-balance sheet tokens. This is worth $2.7 billion for all other Animoca brands, the majority of which are owned by Web3 subsidiaries.
The firm says an audited financial statement for 2020 will be released with additional financial updates. The firm also gave its words to release financial and business highlights for 2022 and the first quarter of 2023.
The update was followed by rumours that said the company is facing financial struggles. Through an anonymous source, it was cited on March 24 that the company had cut its metaverse fund target to $800 million. Because of this, its valuation dropped from $6 billion to $2 billion.
The company in defense, immediately denied the reports claiming them to be fabricated. On 25 March Animoca Brands said that all the blames are incorrect. The firm neglected the news and found it less relevant and said that its valuation decreased but scaled back its actual metaverse fund target. The company’s co-founder, Yat Siu, raised a point that the source’s anonymity makes it difficult to determine the agenda behind this false news.
Animoca Brands Partners With Altava Group
Animoca Brands, a gaming firm from Hong Kong has announced its license partnership with ALTAVA group, a renowned name in fashion brands from Singapore. This partnership took place so that it could use the Bored Ape Yacht Club NFT in Animoca’s brand portfolio.
Animoca later gave a statement that suggested that Animoca Brands agreed to license the BAYC intellectual property. This property is owned by Animoca to ALTAVA’s Bored Ape Golf Club. BAGC is nothing else but a golf-based derivative of BAYC. BAGC uses NFTs that belong to The Sandbox, Elite Apes and Animoca Brands.