Animoca Brands’ Japanese unit bags $45M to promote NFTs News ▸ Japan ▸ OpenSea ▸ Investments
Animoca Brands’ Japanese unit bags $45M to promote NFTs
The funding came in equal parts from Hong Kong-based parent Animoca Brands and Japanese banking giant MUFG Bank.
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Updated: Aug. 26, 2022 at 9:17 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Hong Kong-based blockchain and gaming investment company Animoca Brands’ Japan subsidiary has raised $45 million at a pre-money valuation of $500 million, the parent company announced on August 26.
Animoca Brands KK, the Japanese subsidiary, will use the fresh funds to secure licenses for popular intellectual properties, boost internal capabilities, increase adoption of Web 3.0 to partners and help build the non-fungible tokens (NFTs) ecosystem in Japan, according to the press release.
The investment was made in equal parts by Animoca Brands Corporation Limited and MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group.
Animoca Brands has an extensive investment portfolio, which includes NFT marketplace Opensea, blockchain gaming startups Axie Infinity, and Dapper Labs, to name a few.
According to an announcement in March, Animoca Brands KK was considering collaborating with MUFG for NFT-related businesses. Japan has scores of successful anime, manga, and video game IPs, making it one of the richest places to be for NFT businesses looking to secure IPs.
However, the country currently has a stringent tax system for cryptocurrency gains. Japanese businesses are taxed at 30%, while individuals have to pay up to 55%.
The Japanese Government is considering a reduction in the tax rates next year to stop the exodus of crypto startups to more lucrative jurisdictions like Singapore. Nevertheless, more and more Japanese businesses are turning to NFTs.
In July, Banking giant Sumitomo Mitsui Banking Corp announced a plan to create a “Token Business Lab” to provide consultation to institutional clients on NFT applications in partnership with blockchain startup HashPort. Japanese social media platform Line also launched its own NFT marketplace in April 2022.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.
OpenSea
OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs.
Dapper Labs
Dapper Labs, the company behind CryptoKitties, NBA Topshots, and the Flow blockchain, uses blockchain technology to bring NFTs and new forms of digital engagement to fans around the world paving the way to a more open and inclusive digital world starting with games and entertainment.
