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Animoca Brands’ Japanese unit bags $45M to promote NFTs Animoca Brands’ Japanese unit bags $45M to promote NFTs

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.

Animoca Brands’ Japanese unit bags $45M to promote NFTs

Cover art/illustration via CryptoSlate

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.ย 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.ย Japanese social media platform Line also launched its own NFT marketplace in April 2022.

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