Animoca Brands posts US$721m revenue for October-April period

Hong Kong blockchain gaming powerhouse Animoca Brands recorded a revenue of US$721 million for the period between Oct. 1, 2021 and Apr. 30, 2022. 

The total included income from token sales, NFT sales including secondary sales, other non-blockchain activities, as well as investments and digital assets holdings, Animoca Brands said in a June 6 statement.

Revenue for the three months ended Dec. 31, 2021 was US$148 million. During the four months ended Apr. 30, 2022, it grew to US$573 million, according to the company’s unaudited financial highlights.

As of the end of April, the company’s portfolio encompassed over 340 investments and was valued at more than US$1.5 billion. It held a cash balance of approximately US$98 million and about US$211 million worth of digital assets including USD Coin, Tether, Binance USD, Ethereum and Bitcoin, Animoca Brands said. Other digital assets including third-party tokens held by the company were valued at about US$659 million, it said.

The company had a digital asset reserve of about US$4.2 billion. The total included Animoca Brands’ own tokens such as SAND, QUIDD, PRIMATE, REVV, TOWER, GMEE and others.

During the seven months ended April, the Hong Kong-based company acquired a number of titles, including Grease Monkey Games, Darewise, Eden Games, Notre Game and Be Media, to expand its gaming and Web3 capabilities, it said.

It also established new joint ventures with Cube Entertainment, Planet Hollywood, OneFootball, and partnered with Yuga Labs on the Otherside project, the metaverse game of the Bored Apes Yacht Club. In February, it established a strategic subsidiary Animoca Brands Japan with a seed funding of US$10 million.

In a letter discussing the company’s performance, Animoca Brands co-founder and chairman Yat Siu said it would continue to provide funding to Web3 projects that were identified as open, innovative and conducive to the emergence of the open metaverse. “We remain committed to supporting that ecosystem,” he said in the letter.

He noted that some of its portfolio companies would require support during the current cycle of hardship that stemmed from tumultuous events around the world in the first half of 2022. Siu said the company would seek to assist those in need.

While noting that the value of crypto tokens had dropped recently, Siu said an important indicator of the industry’s long-term outlook as a whole was the strong growth of the Web3 market.

He said key talent and resources were moving to Web3, with investment in blockchain gaming totalling US$2.5 billion in the first quarter of this year.  

Meanwhile, the NFT community continued to show vibrant growth, developing a unique culture that was reaching even the largest corporations, such as HSBC and its partnership with The Sandbox, Siu said. Animoca Brands is the parent company of The Sandbox.