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Wednesday, December 1, 2021
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NFT gaming company Animoca Brands acquires majority stake in Bondly

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Animoca Manufacturers, a nonfungible token (NFT) sport developer, has introduced a considerable funding within the NFT platform Bondly.

Based on a launch issued on Friday, Animoca will personal a majority stake in Bondly following the funding.

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Commenting on the rationale behind its funding in Bondly, Animoca chairman and co-founder Yat Siu informed Cointelegraph:

“We acquired a majority stake in Bondly as a result of it’ll considerably help us to drive true digital possession through NFTs, and we see this as essential to the way forward for gaming and the emergence of the open metaverse.”

As a part of the funding, Bondly’s NFT know-how, together with launchpad and cross-chain bridges, can be integrated into Animoca’s gaming merchandise.

Per the announcement, Animoca is seeking to make the most of Bondly’s suite of NFT tech options to allow avid gamers to maneuver in-game NFT property throughout totally different blockchain networks.

The Animoca chief additionally informed Cointelegraph that the corporate considers Bondly’s merchandise to be extremely related to the blockchain sport developer and its subsidiaries.

“We see wonderful potential functions of Bondly’s NFT swap protocol, market, and cross-chain NFT minting and bridges,” Siu informed Cointelegraph.

The Bondly funding is the most recent in Animoca’s spending spree following a profitable capital elevate again in Might that pushed the company to a $1billion valuation.

Associated: Animoca Targets Non-Crypto Gamers by Developing Big Brand Games

Based on Siu, Animoca is looking out for much more NFT tech corporations because it seeks to broaden its footprint within the sector.

Animoca at the moment holds investments in over 100 corporations, together with outstanding names within the NFT house akin to OpenSea and Dapper Labs.

The Animoca acquisition comes after Bondly suffered a security issue back in July. On the time, the challenge’s native token slumped 60% amid stories of a suspected exploit.

Commenting on the enhancements made to the protocol because the hack, Bondly CEO Harry Liu informed Cointelegraph that the challenge has upscaled its safety infrastructure.

Further reporting by Brian Quarmby.