Animoca Brands achieves strong financial results as gaming metaverse grows

Animoca Brands financial results gaming metaverse crypto The Sandbox SAND
Animoca Brands has posted $184.4 million in bookings for the nine months ended September 2021.

Blockchain gaming company Animoca Brands has achieved exceptionally strong growth in the last year, reporting a near-quadrupling of revenue for the nine months ended September 2021 compared to 2020.

The unlisted game developer today released its unaudited financial results for the period of 1 January to 30 September 2021, recording a total of $184.4 million in bookings.

This compares to total unaudited revenue and revenue received in advance for the 10 months ended October 2020 of $49 million.

In addition, other income which includes gains on investments and digital assets, accounted for a whopping $697.6 million.

Animoca reported a cash balance of $49.9 million plus $155.7 million in cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Binance USD (BUSD), Binance Coin (BNB) and Tether (USDT).

A year ago, the company’s total cash and cryptocurrency on hand amounted to $17.6 million.

Animoca Brands has enjoyed great success in the blockchain gaming and digital entertainment world in 2021.

Its original games include The Sandbox, which is estimated to have generated more than US$144 million in gross merchandise value since its inception, Crazy Kings and Crazy Defense Heroes.

It has also developed products utilising popular IP including Formula 1, Disney, WWE, Power Rangers and MotoGP.

Digital assets

Animoca Brands has estimated the reserves of its digital assets at 30 September were $4.13 billion, based on CoinMarketCap data. These reserves include the company branded tokens SAND, REVV, TOWER, GMEE and LMT.

Other liquid digital assets the company currently holds included third-party token holdings of $633.2 million such as Axie Infinity (AXS), FLOW and other tokens.

In late October, after the end of the reporting period, the company raised $87.7 million to fund strategic investments and acquisitions, product development and licenses for popular intellectual properties.

By the end of November, the company reported digital asset reserves being valued at $22.57 billion.

Animoca Brands also holds shares in companies including Sky Mavis (the creators of Axie Infinity), Opensea, and Dapper Labs (creator of NBA Top Shot).

Recovering from lockdown-impacted 2020

Last year, Animoca Brands attributed some of its results to the “tumultuous” year in which the COVID-19 pandemic affected businesses globally.

Although, it said at the time that a positive externality of lockdowns was the increased time that gamers had to engage with video games, which resulted in increases in downloads, engagement and some revenue generation.

The company has also been bolstered by the dramatic increases in cryptocurrency prices.

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