Animoca Brands secures blockchain fitness brand, partners with MGA Entertainment
Under the MGA Entertainment and Animoca Brands partnership, Bratz fans and collectors will be able to purchase the first-ever official Bratz collectable card NFTs and use them in future games or trade them for actual money.
Full of confidence following its recent commercial performance and WWE mobile game launch, Animoca Brands will add to this momentum through a value-accretive acquisition of blockchain fitness company Lympo for US$1.38 million (A$1.78 million).
Animoca Brands has entered into a share purchase agreement to acquire the entirety of Lympo, officially known as Latgala OÜ, in an all-scrip deal paid with Animoca Brands shares, at a price of A$0.25 per share.
According to the terms of the deal, if Lympo achieves as yet undisclosed revenue milestones in the first year after the acquisition is finalised, Animoca Brands must pay up to US$1.5 million (A$1.94 million) in earnout payments, either in cash or shares.
Lympo story
Lympo currently operates a proprietary blockchain platform that aims to motivate people into adopting healthier lifestyles and rewards users with its Lympo Tokens (LYM), if they exercise using its mobile app.
Lympo’s tokens can then be traded on various cryptocurrency exchanges or used directly to purchase sporting goods at the company’s online store.
According to Lympo, it has approximately 300,000 users located primarily in the US and South Korea with a supplementary social media base of over 75,000 followers.
In a bid to raise the popularity of the concept and its own crypto offering, Lympo claims to be one of the first blockchain apps in the world to partner with the Samsung Blockchain Wallet, which allows users to transfer and store LYM tokens.
Lympo hosted what it called a “healthy habit month” in cooperation with Samsung Health in the US in November 2019 to inspire thousands of users to build healthy habits.
By acquiring Lympo, Animoca Brands hopes to not only assimilate the company’s growing stash of US$2.4 million held as LYM coins but in broader terms, to support LYM within its existing token ecosystems including the REVV token.
The overarching idea is to integrate the health and fitness concept into its own blockchain gaming repertoire.
According to the prominent cryptoasset price-tracking site CoinMarketCap, LYM is currently priced at US$0.002902 per coin and wields a market capitalisation of approximately US$2.4 million (A$3.1 million).
Animoca Brands also plans to leverage Lympo’s existing partnerships, customers and token holders to “grow engagement for sports-related NFT (non-fungible tokens) collectables”.
“Among various other post-acquisition initiatives, Animoca Brands and Lympo will work on the production of a gamified ‘hero’ collectable system that will tokenise accomplished athletes; the collectables will be obtainable and upgradeable using LYM,” Animoca Brands said.
Gaming galore
In addition to two token auctions, the launch of new mobile game and the acquisition of a multimillion-dollar blockchain platform, Animoca Brands has also unveiled plans to extend its blockchain gaming footprint.
The company has penned a brand and content licence agreement with MGA Entertainment for its Bratz fashion dolls franchise.
Based in California, MGA Entertainment claims to be the fastest growing consumer entertainment products company on the back of its proprietary and licenced products including toys, games, dolls, consumer electronics, home décor, stationery and sporting goods.
MGA has agreed for Animoca Brands to develop and publish a Bratz blockchain game, set to be called Bratz Lookz, alongside a series of NFTs mini-games and digital game collectables.
With the game still some time away from being released, Animoca Brands and MGA intend to raise awareness by drip-feeding in-game content to consumers.
Starting with a “Bratz card sale” on 22 December 2020 conducted on the WAX.io blockchain, Animoca Brands plans to deliver a consistent flow of collectable content next year.
More about Bratz
Bratz is a global fashion and lifestyle brand produced by MGA. Since the brand launched its fashion doll range in 2001, it has amassed a global fanbase with several animated movies, TV and web series in production as well as a live-action feature film titled Bratz: The Movie.
Animoca Brands said Bratz fans and collectors will be able to purchase the first-ever official Bratz collectable card NFTs and use them in future games or trade them for actual money if they so choose.
Espousing the concept of “true digital ownership”, Animoca Brands said the card sale was the “first step” in Bratz “taking over the blockchain world” and allowing fans to get ready for the launch of the upcoming game.