Animoca Brands continues shopping spree despite crypto winter

September 18, 2022 1:10 pm

Hong-Kong based blockchain gaming developer Animoca Brands continues its shopping spree for gaming asset with the acquisition of WePlay Media despite the cryptocurrency winter.

Animoca Brands announced the acquisition of WePlay Media, the developer of blockchain game MotoGP Championship Quest in a Friday twitter post. According to the statement, the acquisition will help Animoca to boost user engagement in motorsport-related games under Animoca. To be specific, Animoca will integrate its racing games with WePlay Media’s MotoGP Championship Quest to improve play-to-earn gaming experience, developing existing partnerships, and search for new partnerships to improve fan engagement.

MotoGP Championship Quest, the official MotoGP racing game, was launched in 2017, and has over 50 million downloads on mobile platforms, with nearly 1.2 million monthly active users globally.

Animoca has heavily invested in developing blockchain-based motorsport games. With REVV token, the company has built up token rewards ecosystem and NFT features for motorsports games including MotoGP™ Ignition and Formula E: High Voltage. REVV is the main utility token and in-game currency of the branded motorsports games produced by Animoca Brands.

Animoca Brands has invested in more than 340 companies to build its vision of a "metaverse" based around web 3  technology, in which users can buy and trade non-fungible tokens (NFTs).

Despite a cryptocurrency winter amid tightening of monetary policies in major Western economies, Animoca Brands is still able to increase its asset portfolio thanks to continuous finance from venture capitals and institutions.

Last week, Animoca Brands raised US$110 million from investors including Singapore-based Temasek, global venture capital firm GGV Capital and China-focused asset manager Boyu Capital. The funds raised will be used to make more acquisitions and investments, as well as product development and securing intellectual property licenses, Animoca Brands said in a statement.