Animoca Brands

Animoca Brands acquired Pixowl (August 2018), the independent mobile game company behind the social metaverse platform "The Sandbox" built on Ethereum, which is one of the largest independent user-generated content platforms and gaming ecosystems. Users can roam the virtual world as an avatar, purchase land, host and/or engage in a wide range of experiences and contests, interact with others, and earn cryptocurrency through gameplay. The platform also includes a no-code “Game Maker,” which enables users to create 3D games for the metaverse. The Sandbox enables users to purchase or trade digital assets with other users in its virtual world using its native token SAND. As of October 2022, the company operated a Play-to-Earn (P2E) model and generated revenue through token (SAND) sales. The platform’s whitepaper also indicated that player subscriptions and advertising could be part of its monetization strategy in the future. As of March 2022, the Sandbox had 2 million registered users.

In January 2023, the company revised down its metaverse fundraising target to USD 1 billion from the USD 2 billion target it had set in November 2022 and invested 100 million yen (~USD 780,000) into metaverse platform Psychic VR Lab. The deal was part of a USD 7.8 million funding round raised by Psychic VR Lab in December 2022. In February 2023 , Animoca Brands’ subsidiary, The Sandbox, acquired game development studio Sviper for an undisclosed amount.

Animoca Brands also operates OMA3 (Open Metaverse Alliance for Web3), a decentralized autonomous organization (DAO) to build an open and borderless metaverse. The DAO includes companies such as Alien Worlds, Dapper Labs, Decentraland, Star Atlas, the Sandbox, Wivity, Space, and Upland.

Key customers and partnerships

In September 2022, the Sandbox partnered with multiple Dubai-based stakeholders to create a new mega city (Dubaiverse) in its metaverse. The local partners include GCEX and Khaleej Times. In the same month, the company also partnered with esports organization FaZe Clan, to develop FaZe World, a virtual plot of land to host events and experiences collaboratively.

Similar to its partnership in Dubai, the Sandbox partnered with multiple Hong Kong-based stakeholders, in January 2022, from areas such as film, music, entertainment, acting, professional services, finance, real estate, and gaming, to create a new mega city in its metaverse. The partners include Adrian Cheng, Sun Hung Kai & Co. Limited, PwC Hong Kong, TIMES CAPITAL, Stephen Fung and Shu Qi, Dough-Boy@BlueArk, Little Fighter (LF), and Dreamergo. The company’s other partnerships include Highstreet World and Webhelp.

Funding and financials

Animoca Brands raised USD 20 million and a further USD 11.9 million in September and December 2023, respectively, to develop and launch its Mocaverse project. Mocaverse is an NFT project providing users with immersive experiences such as VR, games, and social media.

In September 2022, Animoca Brands raised USD 110 million in a strategic funding round led by Temasek, Boyu Capital, and GGV Capital, at a valuation similar to its last funding round. The funds were raised to continue to support the company’s strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and invest toward advancing the open metaverse. The round followed its ~USD 360 million funding round in January 2022 led by Liberty City Ventures, which valued the company at ~USD 5 billion.