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Games Maker Animoca Brands to Acquire Majority Stake in NFT Platform Bondly
The firm’s investment in Bondly will help drive mass NFT adoption across its portfolio companies operating in gaming, sports, entertainment and collectibles.
Games maker Animoca Brands has entered into an agreement to acquire a majority stake in Bondly, a platform for non-fungible token (NFT) creators. Terms were not disclosed, but Animoca said the deal was not “material.”
- Animoca said its investment in Bondly will help drive mass NFT adoption across its portfolio companies operating in gaming, sports, entertainment and collectibles.
- Bondly’s technology includes NFT swap protocol and cross-chain NFT minting which will allow gamers to move NFT assets from one blockchain to another. The firm created and distributed YouTuber Logan Paul’s first-ever NFT collectibles for fans.
- Animoca has focused its recent investments on the NFT space, including OpenSea and Dapper Laps, and raised $139 million in funding this year at a valuation of $1.1 billion. The money will be used to fund strategic investments, product development and licenses for popular intellectual property.
- “Bondly has developed powerful tools to help onboard brands and individuals to the world of NFTs, and has built valuable relationships with many leading brands and artists,” said Yat Siu, the co-founder and chairman of Animoca Brands, in the announcement.
- In July, Bondly was exploited by an unknown party in a token-minting attack that led to an 82% price crash in its native token, BONDLY.
Read more: Animoca Completes Funding Round, Gets an Extra $50M From Coinbase, Samsung
STORY CONTINUES BELOW
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
