NFT gaming company Animoca Brands acquires majority stake in Bondly

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NFT gaming company Animoca Brands acquires majority stake in Bondly

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

In response to 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 informed Cointelegraph:

“We acquired a majority stake in Bondly as a result of it’s going to considerably help us to drive true digital possession by way of 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 expertise, together with launchpad and cross-chain bridges, shall 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 avid gamers to maneuver in-game NFT belongings throughout completely different blockchain networks.

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

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

The Bondly funding is the newest 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 response to 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 similar to OpenSea and Dapper Labs.

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

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

Further reporting by Brian Quarmby.