NFT game maker Animoca Brands acquires majority stake in Bondly

Animoca Brands, an NFT game developer, has announced a significant investment in the NFT Bondly platform.

Animoca will own a controlling stake in Bondly after the investment, according to a statement released on Friday.

As for the reasons behind the Bondly investment, Animoca’s president and co-founder Yat Siu told Cointelegraph:

“We acquired a majority stake in Bondly as it will be instrumental in helping us drive true digital ownership through NFT, and we believe this is critical to the future of the game and the appearance of the open metaverse.”

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

According to the announcement, Animoca plans to use Bondly’s suite of NFT technology solutions to enable players to move unusable in-game token assets across different blockchain networks.

Animoca’s director also told Cointelegraph that the company believes that Bondly products have a lot to do with the blockchain game developer and its affiliates.

“We see great potential applications for Bondly’s NFT swap protocol, marketplace, and NFT cross-chain bridging and minting,” Siu told Cointelegraph.

The Bondly investment is the latest in Animoca’s buying spree after a successful capital raise in May that propelled the company to a valuation of $ 1 billion.

Related: Animoca is targeting non-crypto gamers by developing a large branded game

According to Siu, Animoca has other NFT technology companies in mind to expand its presence in this space.

Animoca currently has interests in over 100 companies, including well-known names in the NFT space such as OpenSea and Dapper Labs.

The Animoca acquisition comes after Bondly experiences a security incident in July. At that time, the project’s native token fell 60% due to reports of suspicious mining.

Regarding the improvements made to the protocol since the hack, Bondly CEO Harry Liu told Cointelegraph that the project had updated its security infrastructure.

Additional coverage from Brian Quarmby.