Animoca Brands was named the most funded metaverse developer by Nasdaq after it positioned itself as a prominent player in the Web3 industry
In an interim financial update that outlined the blockchain gaming giant Animoca Brands’ key unaudited financial positions as of April 30, 2023, the gaming giant revealed around $3.4 billion in assets.
With a cash and stablecoin balance of $194 million, it remains financially strong, the Hong Kong-based company announced.
Including reserves of SAND, the utility token used in The Sandbox platform, the financial statement also reported liquid digital assets of $566 million.
Additionally, for all other Animoca Brands’ majority-owned Web3 subsidiaries, the off-balance-sheet token reserves stood at $2.7 billion.
Starting with the audited financial statements for 2020, Animoca is set to publish additional financial updates. Subsequently, for the full year 2022 and Q1 2023, the company also plans to roll out key financial and business highlights.
With its valuation dropping from $6 billion to $2 billion amid volatility in the crypto market and instability in the banking sector, the venture capital firm slashed its metaverse fund target to $800 million, as per earlier media reports.
Claims of scaling back its metaverse fund target were later refuted by Animoca Brands.
Animoca Brands was named the most funded metaverse developer by Nasdaq after it positioned itself as a prominent player in the Web3 industry.
By closing 15 deals and receiving more than $564 million in funding, it even bagged the majority of metaverse deals in 2022.
In a round announced last September, the company was last valued at around $6 billion when it raised $110. Temasek, Boyu Capital, and GGV Capital led the funding round. Animoca, two months later, raised an additional $75 million in a Liberty City Ventures-led round at the same valuation.
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