Sandbox Publisher Animoca Brands Hits $5.9 Billion Valuation: What You Need to Know

Animoca Brands, a Hong Kong-based crypto investor and blockchain game creator, received $75 million in a fundraising round, valuing it at $5.9 billion .

What happened: Animoca Brands' latest funding round achieved a $5.9 billion valuation. Many investors, ranging from 10T Holdings to Kingsway Capital, participated in the fundraising.

Funding will be directed to product development, acquisitions, investments, and intellectual property licensing.

Sandbox publisher SAND/USD's recent valuation comes amid lackluster market conditions as the crypto sector continues its bearish trend. The floor price of the project's digital terrestrial NFT collection released by Animoca Brands Sandbox has fallen to 2.09 Ethereum ETH/USD from 5.27 Ethereum earlier this year.

As reported by Forbes, Animoca co-founder Yat Siu commented, "There is no doubt that the fundraising environment has become more challenging, but in Meanwhile, the current crypto climate has also allowed some users to get a better entry point to the open metaverse."

Benzinga's View: Animoca Brands' latest valuation is a strong sign for the company in turbulent and uncertain market conditions.

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