Animoca Brands Expects GameFi to Help People Understand Metaverse
Animoca Brands as a financial contributor of The Sandbox, a decentralized metaverse, Sky Mavis, and the makers of Axie Infinity, has campaigned for the acceptance of the "open metaverse" and blockchain games idea. It now hopes that GameFi will function as an entry point for individuals into the metaverse.
Yat Sui, the company's Co-founder, said at the "Future Blockchain Summit" that GameFi would also educate people about the idea of digital ownership. That notion, which is still new to many people, is key to the development of blockchain gaming and the open metaverse concept.
Sui pointed out that most of today's gaming money flows straight to large tech corporations like Google and Apple. Additionally, Animoca Brands aims to alter that by offering blockchain games that give gamers and gaming businesses back control. Another battleground technology is the metaverse, where closed and open metaverses compete for dominance.
Yat Sui's comments on the convergence of open metaverses, GameFi, and digital ownership are instructive in understanding how Animoca Brands functions.
Animoca Brands Expands During the Downturn
In 2022, Animoca Brands has been highly active. It has made news for collecting funds, collaborating with NFT firms, and publishing documents supporting struggling initiatives.
During this bear market, Animoca Brands formed many collaborations the first is the collaboration between Cool Cats and Animoca Brands. Last week, the two established a strategic alliance due to a dialogue between Ken Cron, Cool Cats Group Chairman, and Yat Sui. Animoca Brands' mission is to assist Cool Cats in entering Web3 gaming. Then there's Animoca Brands' fundraiser. In July, the firm announced that it had received $75 million at a value of $5.9 billion. Finally, there is the collaboration between The Sandbox and TIME Magazine. President of TIME Magazine, Keith Grossman, announced a partnership with The Sandbox at NFT.NYC 2022. The idea is to create a decentralized Metaverse, "TIME Square."
About Animoca Brands
Animoca Brands is well-known for its involvement in the GameFi industry. The company establishes itself as a venture capital business based in Hong Kong that has made major investments in metaverse ventures and blockchain games. Earlier this year, the company secured $78 million in July to pursue its "open metaverse" idea.