Hong Kong-based blockchain gaming platform Animoca Brands has acquired Australian digital marketing agency Be Media as part of its plan to break into the Australian blockchain space.
Animoca Brands shepherds Be Media into the crypto space.
Animoca Brands, a Hong Kong-based gaming unicorn with a valuation of $5.8 billion, has acquired a 67 percent stake in Perth-based digital services agency Be Media for an undisclosed amount. This move signals its intentions to break into the Australian NFT and blockchain space, and this acquisition is the third of such within Australia after the company previously acquired a majority stake in gaming studios Grease Monkey Games and Blowfish Studios.
Animoca’s increasing investment spree in blockchain and gaming companies paves the way for its continued participation in Web3. The company intends to leverage Be Media’s expertise to focus on enhancing its REVV Motorsport (REVV) ecosystem.
Speaking on the matter, Yat Siu, Co-Founder of Animoca, expressed his thoughts on the numerous opportunities Australia has to offer and how their growing investment portfolio in the country will allow the company to dive into that flourishing ecosystem.
Be Media: What to expect from the acquisition.
The Australian-based digital strategy and social advertising agency were founded in 2012 and rendered services to Web2-focused companies with a client portfolio of companies like Audi, Harley-Davidson, and property developer Finbar. This acquisition will therefore pivot the company into the crypto space and assist Animoca in its efforts to spearhead leading Australian NFT and Metarverse projects.
“The demand is insane. So many brands out there are saying they need to do something in web3, but how, and there are not many service providers with the skills and experience because it’s so new.” Be Media’s CEO Jordan Fogarty said to the Australian Financial Review (AFR) on Tuesday. “At the corporate level, I’d be surprised if there aren’t many companies thinking of a strategy in this space.”
With the acquisition, Be Media will be the marketing arm of Animoca Brands in Australia to secure partnerships with key brands on their strategies, leverage Animoca Brands’ gaming intellectual property, and develop new decentralized services. This will help Animoca realize its objectives of advancing the emergence of the open metaverse and delivering digital property rights to online users via blockchain and NFTs.
Since its acquisition, the digital agency has commenced a talent acquisition process to hire people in blockchain development and project management to prepare for the expanding portfolio of opportunities that the company will handle. Jordan Fogarty will continue as a top executive of the organization while holding a small stake in the company.
Animoca Investment Spree: A move of intent
Be Media adds to Animoca Brands’ investment portfolio, including investments in more than 170 NFT-related projects such as The Sandbox, OpenSea, Axie Infinity, Star Atlas, Yield Guild Games, Harmony, etc. This growing investment spree signals a relentless strive toward becoming a significant player in the blockchain gaming space.
The company has acquired a 96% stake in Eden Games for $15 million, a 70% stake in Darewise Entertainment, and significant funding for GameFi titles Blast Royale and Legends Elumia. The Eden Games and Darewise Entertainment investments are expected to aid Animoca in developing A-level games backed by blockchain technology.