According to a press release, Animoca Brands Japan, a subsidiary of Animoca Brands Corporation Limited, will expand its Web3 business. The company recently completed a $45 million funding round, setting its valuation at $500 million, with the MUFG Bank and Animoca Brands Corporation.
The funds will be used to explore non-fungible tokens (NFTs) business opportunities in Japan. Animoca Brands Japan is a major entertainment corporation and the developer of the popular game The Sandbox (SAND).
The company has won several awards for its innovative approach and integration with Web3, NFTs, and blockchain technology. In addition, Animoca Brands has developed products under well-known brands such as Disney, The Walking Dead, MotoGP, and Formula E, and with important personalities in the entertainment industry.
In total, Animoca Brands and their Web3 portfolio is comprised of over 300 investments, which included some of the most recognized companies in the sector: OpenSea, Dapper Labs, Yield Guild Games, Alien Worlds, Star Atlas, Axie Infinity, and many more.
According to the press release, the funds will be destined for the following, in addition to exploring NFT business opportunities in Japan:
Animoca Brands Japan will use the new capital to continue to secure licenses for popular intellectual properties, develop internal capabilities, and promote adoption of Web3 to multiple partners, increasing the value and utility of their branded content while fostering the development of a safe and secure NFT ecosystem in Japan.
Animoca Brands Japan has been seeking financial cooperation with the MUFG Bank for several months. In March 2022, the company announced a “basic agreement” with the financial institution to grow the NFT-related businesses and “revitalize them” in Japan.
Animoca Brands Pushes Web3 Into Japan
The partners are seeking a way to facilitate NFT trading and users jumping into the Web3 ecosystem in everyday activities. At that time, Animoca Brands Japan said the following on the potential for NFTs to expand beyond entertainment and into real-world applications:
the NFT market is expanding rapidly on a global basis, with the entry of a wide range of businesses, from major companies to emerging companies, and the emergence of new markets every day. Currently, NFTs for content such as art and games are widespread, but in the future it is expected to be used in various fields related to the real economy.
In the past two months, the company announced a partnership with worldwide famous chef Gordon Ramsay and ITV Studios to take the popular show “Hell’s Kitchen” to The Sandbox metaverse, as seen in the image below. Ramsay will continue his role as host of the show.