NFT-based metaverse company Animoca Brands raises $360 million

LONDON : Metaverse gaming company Animoca Brands raised nearly $360 million in a funding round led by Liberty City Ventures, the company said on Tuesday, valuing the firm at more than $5 billion.

The term became a tech and business buzzword last year. Metaverse-related companies saw a flurry of investment and metaverse platforms' crypto tokens surged, boosted by Facebook changing its name to"Meta" to signal its commitment to the concept.Animoca Brands' chairman and co-founder, Yat Siu, has been vocal in his view that the development of"Web3" or the metaverse depends on users being able to own blockchain-based assets.

Animoca Brands issued 111,173,515 shares, worth $358,888,888, and said it would use the proceeds for acquisitions, investments, product development and to buy licenses for popular intellectual property.

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