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Special THANKS to David Kemmerer for coming onto the show!
Check out the full video:
Animoca Brands Bets on the Future of the Metaverse
The Metaverse is a virtual world where people interact as avatars. It is facilitated by virtual reality headsets. Currently, the metaverse is mostly composed of videogames. But, it is expected to grow to $21.7 trillion by 2030.
Big tech firms have invested billions in metaverse projects. They want to capitalize on the long-term growth potential. This is because consumers distrust technology that is controlled by corporations. However, the market has a low sales volume compared to physical real estate.
Animoca Brands is one company betting on the future of the metaverse. Founded by Yat Siu, the firm is developing the next iteration of the internet. In January, the company raised $360 million in funding.
It is also investing in foundational technologies in cryptocurrencies. Among its investments are Coinbase, Open Sea, and Lyft. Moreover, the fund invests in Facebook, Roblox, and Airbnb.
The company is partnering with Soros Fund Management and Sequoia China. It generated $530 million in income in the first nine months of 2021.
Despite the financial struggles, Animoca has managed to expand to over 600 employees and 14 markets around the globe. Andreessen Horowitz is one of its biggest investors.
Using non-fungible tokens (NFTs), it allows individuals to store value in a digital ledger. In addition, NFTs allow for transparency in transactions.
Initially, the Sandbox was a subsidiary of Animoca Brands. Since the acquisition, the company has made 24 deals in the metaverse space. These include the Axie Infinity game, which has already hit 190.9 million in revenues in the past 30 days.