Animoca Brands Co-founder Yat Siu has stated that the metaverse investor and NFT game publisher will continue in its drive to acquire more game studios after it recently picked up three game developers.
Leading the investment charge in blockchain gaming
Animoca Brands is one of the biggest names in blockchain gaming development and investment. In the first quarter of 2022 alone, Animoca has picked up development studios Eden Games, Darewise Entertainment, and Grease Monkey Games. A recent statement by its co-founder Yat Siu indicates that the company isn’t stopping anytime soon.
The Hong Kong-based blockchain company, with a valuation of $5.8 billion, has been relentless in its acquisition and investment spree. Its expansive portfolio of investments includes blockchain gaming and NFT startups. Alongside this, it also publishes its NFT-powered games, including the Ethereum-based metaverse experience, The Sandbox.
The increasing investment spree in blockchain and gaming companies is expected to pave the way for its continued participation in Web3. Two of its recent acquisitions, Eden and Grease Monkey, focus on racing games and thus fit well into Animoca’s existing REVV token ecosystem, including REVV Racing on Polygon—a sidechain scaling solution for Ethereum—as well as MotoGP Ignition on Flow. Grease Monkey’s upcoming Torque Drift 2 will integrate into the REVV ecosystem, as well.
What is the Motive?
While the massive potentials of Web3, Cryptocurrencies, and NFTs are no longer in doubt, Animoca Brands is one of the companies that believes very much in these potentials and has decided to act on them. More so in relation to gaming.
According to Yat Siu, blockchain games will continue to increase in quality and user participation until it reaches thresholds set by traditional gaming platforms today. This he compares to how simple, early hits like Angry Birds led to much more polished 3D titles that captured the essence of higher-end home games. However, in the case of blockchain gaming, he believes the developmental process could be hastened.
“We can accelerate that much faster, which is why we are acquiring these studios with this kind of reputation,” said Siu, “and building very high-quality games on the blockchain.” These Animoca acquisitions, Siu expressed, could expand into dozens of genres with NFT-powered games. Two specific genres that the firm is looking at are first-person shooters (FPS) and Japanese role-playing games (JRPGs).
The company also indicated its desire to increasingly focus on publishing fully-owned games rather than games based on licensed brands. “What we’re taking is a metaverse-first IP approach,” Siu affirmed. Its recent acquisitions, such as Eden Games, are expected to lead this charge of developing fully-owned IP games. Darewise’s Life Beyond is an original IP, as are The Sandbox and Phantom Galaxies.
Blockchain gaming: The challenges
Despite the numerous success recorded across blockchain gaming platforms this year, the sector has witnessed some challenges, too, mostly crypto hacks and theft. Earlier in March, Axie Infinity, a Play-to-Earn gaming platform that is also backed by Animoca, suffered from a $625 million hack in March, which resulted in reduced activity on the gaming platform.
Animoca Brands, Siu notes, through these investments and acquisitions, will help gaming studios avoid these challenges and provide a “safety net” of sorts if things do go awry.