NFT Game Helped a Tiny Mobile Game Company Turn into a Business Powerhouse

    The mobile games business have transformed into a high-tech virtual gaming industry by riding the wave of NFT game ruled by NFT tokens and blockchain technology. The significant aspect of transformation is evident from the decentralized mobile games resulting from adopting Blockchain technology and conferring digital property rights. The spectacular growth of the global market for NFTs, which reached $25 billion in 2021 from only $100 million during the previous year, clearly indicates that Blockchain mobile games are the future or another bubble that can burst anytime. 

    NFT game became a game-changer for Animoca Brands

    NFT games have created a new breed of High Net worth Individuals (HNI) who could change their fortunes overnight and become amazingly rich. Take the case of Yat Siu, who has been a beneficiary of the NFT boom in the blockchain mobile games industry. Blockchain technology and the growing popularity of NFTs have given a new lease of life to Siu’s gaming business Animoca Brands. This Hong-Kong based company was struggling to survive barely four years ago. At that time, Animoca Brands was a public company trading on Australian bourses, but its market capitalization was less than $6 million. The company’s revenue in 2014 was $5.2 million only, a sharp decline of 25%.

    Making a foray into the world of NFT changed Siu’s fortunes.

    Siu could spot the opportunities for quick money-making by using NFTs and blockchain. In 2017 Siu was intensely attracted to CryptoKitties, a blockchain-based marketplace for virtual pets, and invested in it Through Dapper Labs, the parent company based in Vancouver. At that time, Dapper Labs, known as Axiom Zen, was behind CryptoKitties, and Dapper is now worth $7.6 B. Having made a start, Animoca Brands currently has more than 150 NFT-related investments while holding stakes in some of the world’s largest and most successful NFT businesses. 

    The transformation begins

    By strongly backing various large NFT ventures with investments in OpenSea, the $375 million worth largest NFT marketplace, Dapper Labs and Sky Mavis, makers of the 2020 blockbuster NFT game Axie Infinity valued at $3 billion, Siu have reshaped the fortunes of his traditional mobile gaming business. Jumping into the NFT bandwagon turned the fortunes of Animoca Brands, which recorded a valuation of $5.4 billion in mid-January and raised nearly $360 million. The company’s valuation more than doubled in three months which is astonishing but true. According to Forbes, Siu’s investments amount to $500 million while holding 10% stakes. A company with 60 employees in 2017 has a workforce of 600 people today. 

    Until the third quarter of 2021, Animoca Brands’ revenue was $670 million, of which $530 million came from investments and digital assets. By the end of November, the coin reserves of the company amounted to $16 billion.

    The NFT game transformed Animoca Brands into a multi-billion powerhouse. The company can take pride in the fact that the overall global swelling of the NFT market would not have been possible without video games which generate a fifth of the company’s revenue. 



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