Animoca Brands, a developer of NFT games, has announced a significant investment in Bondly, an NFT platform.
Animoca will own a majority stake in Bondly following the investment.
Commenting on its rationale for investing in Bondly, Animoca Chairman and co-founder Yat Siu told us.
“We acquired a majority stake in Bondly because it will greatly help us drive true digital ownership through the NFT, which we believe is critical to the future of gaming and the emergence of open meta-worlds.”
As part of the investment, Bondly’s NFT technology, including launch pads and cross-chain bridges, will be incorporated into Animoca’s game offerings.
According to the announcement, Animoca hopes to leverage Bondly’s suite of NFT technology solutions to enable gamers to move in-game, non-forgeable token assets across different blockchain networks.
Animoca’s chief also told us that the company considers Bondly’s offering highly relevant to blockchain game developers and their subsidiaries.
“We see excellent potential applications for Bondly’s NFT exchange protocol, marketplace, and cross-chain NFT minting and bridges,” Siu told us.
Bondly’s investment is the latest spending by Animoca following a successful capital raising in May that pushed the company’s valuation up to $1 billion.
Animoca is looking for more NFT tech companies as it tries to expand its footprint in the space, according to Siu.
Animoca currently holds investments in more than 100 companies, including well-known names in the NFT space, such as OpenSea and Dapper Labs.
Animoca’s acquisition comes in the wake of security issues that hit Bondly in July. At the time, the project’s native tokens slumped 60% amid reports of a suspected breach.
Bondly CEO Harry Liu told us that the project has scaled up its security infrastructure and commented on the improvements made to the protocol since the hack.