Animoca Brands reaches agreement to buy MotoGP Championship Quest
Hong Kong blockchain powerhouse Animoca Brands has announced that it will acquire the hugely popular MotoGP Championship Quest to solidify its user engagement in motorsports.
The company has entered into a membership interest purchase agreement for the intended acquisition of WePlay Media Holdings LLC, the sole shareholder of XXL Racing LLC, an official licensee of MotoGP, and WePlay Media LLC, the developer of MotoGP Championship Quest, Animoca Brands said on September 16.
MotoGP Championship Quest is a motorcycle racing game under the MotoGP brand. Launched in 2017, the game has over 50 million downloads on mobile platforms and around 1.2 million monthly active users globally. The free-to-play app, considered easy to play and difficult to master, is available on Google Play and Apple’s App Store.
After the acquisition is completed, Graeme Warring, chief operating officer of WePlay Media, will continue to lead WePlay Media and will drive MotoGP projects, working with Animoca Brands’ REVV Motorsport team, which operates the blockchain game MotoGP Ignition.
The two companies will also begin to integrate the REVV ecosystem with WePlay Media’s products to deliver play-and-earn opportunities, build on existing partnerships, and welcome new partnerships to amplify fan engagement, Animoca Brands said.
A recent survey conducted by MotoGP and commercial rights holder Dorna Sports suggested that fans’ interest in gaming was high, with 79 per cent of respondents aged 16 to 24 playing competitive games at least once a week. Mobile gaming was especially popular for 68 per cent of female MotoGP fans and with 54 per cent of fans in the Asia-Pacific region.
Yat Siu, co-founder and executive chairman of Animoca Brands, said: “The acquisition of WePlay Media will boost our engagement with fans of the amazing sport of MotoGP, unlocking powerful exposure in both the metaverse and traditional gaming.”
“We are gaining a unique platform to implement our Web3 strategy as we incorporate our motorsport-based REVV Token and NFT programs with the official MotoGP mobile game and deepen our strategic relationship with MotoGP.”
Warring, who is also a co-founder of WePlay Media and co-creator of MotoGP Championship Quest, said: “This acquisition is an exciting development for WePlay Media and for the MotoGP Championship. Animoca Brands has the ability to reach hundreds of millions of users in core growth demographics to expand the sport’s fan base and create engagement opportunities for the riders, teams and sponsors. Our powerful reach in Asia in particular aligns with the largest markets in the world for motorcycle sales and fans.”
The planned acquisition will be an all-cash transaction and is not considered material to Animoca Brands, it said.