How Animoca is driving the NFT industry forward and what to expect in the coming years
Yat Siu is managing director and executive chairman of Animoca Brands, a publicly traded company based in Australia that has become perhaps the most prolific investor in the non-fungible token and metaverse industry in the world. The company invested early on in blue chip firms such as Sky Mavis, OpenSea, Decentraland and Sandbox, each of which saw dramatic growth throughout 2021 as the industry rose to prominence.
Still, we raised money as we went along, but these were small fundraisers. By the time we first hit unicorn status we had only raised about $20 million. So one of the ways we did our deals— which is part of what got us into some trouble—is a lot of stock swaps. This means that for deals with Sky Mavis and OpenSea, we became each other’s shareholders. But our last official capital raise was in October, where we raised, I think, $65 million at a $2.2 billion valuation.
Forbes: Sandbox has gotten a lot of attention recently, especially with some of its brand-name partnerships such as Adidas and Budweiser. What does this partnership strategy look like? More generally how do you approach partnerships?It was helpful that we had early digital brand relationships from gaming and so on, that we could use to bring them into NFTs and blockchain. Sometimes they said to us, “Sure. Yeah, we trust you. We’ve done business for a long time. Let’s go ahead.
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