Sunday, November 28, 2021

NFT gaming company Animoca Brands acquires majority stake in Bondly

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Animoca Manufacturers, a nonfungible token (NFT) sport developer, has introduced a considerable funding within the NFT platform Bondly.

In accordance with a launch issued on Friday, Animoca will personal a majority stake in Bondly following the funding.

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Commenting on the rationale behind its funding in Bondly, Animoca chairman and co-founder Yat Siu instructed Cointelegraph:

“We acquired a majority stake in Bondly as a result of it should considerably help us to drive true digital possession through NFTs, and we see this as essential to the way forward for gaming and the emergence of the open metaverse.”

As a part of the funding, Bondly’s NFT know-how, together with launchpad and cross-chain bridges, might be included into Animoca’s gaming merchandise.

Per the announcement, Animoca is seeking to make the most of Bondly’s suite of NFT tech options to allow players to maneuver in-game NFT property throughout completely different blockchain networks.

The Animoca chief additionally instructed Cointelegraph that the corporate considers Bondly’s merchandise to be extremely related to the blockchain sport developer and its subsidiaries.

“We see glorious potential functions of Bondly’s NFT swap protocol, market, and cross-chain NFT minting and bridges,” Siu instructed Cointelegraph.

The Bondly funding is the most recent in Animoca’s spending spree following a profitable capital elevate again in Could that pushed the company to a $1billion valuation.

Associated: Animoca Targets Non-Crypto Gamers by Developing Big Brand Games

In accordance with Siu, Animoca is looking out for much more NFT tech corporations because it seeks to develop its footprint within the sector.

Animoca at present holds investments in over 100 corporations, together with distinguished names within the NFT house equivalent to OpenSea and Dapper Labs.

The Animoca acquisition comes after Bondly suffered a security issue back in July. On the time, the undertaking’s native token slumped 60% amid studies of a suspected exploit.

Commenting on the enhancements made to the protocol for the reason that hack, Bondly CEO Harry Liu instructed Cointelegraph that the undertaking has upscaled its safety infrastructure.

Extra reporting by Brian Quarmby.