NFT gaming company Animoca Brands acquires a majority stake in Bondly

NFT game developer Animoca Brands announced a substantial investment in NFT platform Bondly.

According to news released on Friday, Animoca will own a majority stake in Bondly after the investment.

Animoca chairman and co-founder Yat Siu told Cointelegraph when commenting on the rationale behind his investment in Bondly:

“We acquired a majority stake in Bondly because it will greatly help us promote true digital ownership through NFT, which we believe is essential to the future of games and the emergence of open meta-universes.”

As part of the investment, Bondly’s NFT technology, including launch pads and cross-chain bridges, will be incorporated into Animoca’s game products.

According to the announcement, Animoca is seeking to use Bondly’s NFT technology solution suite to enable gamers to move in-game irreplaceable token assets between different blockchain networks.

The head of Animoca also told Cointelegraph that the company believes that Bondly’s products are highly related to blockchain game developers and their subsidiaries.

“We have seen Bondly’s NFT exchange protocol, market, and excellent potential applications for cross-chain NFT casting and bridges,” Siu told Cointelegraph.

Bondly investment is the latest spending boom after Animoca successfully raised funds in May Promote the company’s valuation to $1 billion.

related: Animoca targets non-crypto gamers by developing big-brand games

Siu stated that Animoca is looking for more NFT technology companies as it seeks to expand its footprint in this area.

Animoca currently holds investments in more than 100 companies, including well-known companies in the NFT field such as OpenSea and Dapper Labs.

After the Animoca acquisition Bangli encountered safety issues in JulyAt that time, due to reports of suspicious vulnerabilities, the project’s native token dropped by 60%.

Commenting on the improvements made to the protocol since the hacking, Bondly CEO Harry Liu told Cointelegraph that the project has upgraded its security infrastructure.

Additional reporting by Brian Kumby.