Animoca Brands, a key player in Web3 gaming and venture capital, has announced a significant rise in its first-quarter bookings for 2024.
On July 10, the company revealed that its bookings for Q1 2024 reached $90 million, marking a 72% increase compared to $52 million in the same period last year.
Breakdown of Bookings
The increase in bookings is primarily driven by the company’s digital asset advisory services, which contributed $65 million. This category includes token advisory, trading, and blockchain node operations. Additionally, Animoca Brands earned $19 million from its Web3 subsidiaries and startup partnerships, and $6 million from investment management.
Operating costs also saw a reduction of 14%, from $64 million in Q1 2023 to $55 million in Q1 2024. Despite this, the company’s cash and stablecoin assets surged by 66% during the first quarter of 2024. The increase in cash and stablecoin holdings, from $175 million at the end of 2023 to $291 million by March 31, 2024, was partly due to gains from token transactions in The Sandbox, a subsidiary of Animoca Brands.
Market Plans and Sandbox Growth
Looking ahead, Animoca Brands might be preparing for a return to the Australian Securities Exchange (ASX). The company was previously listed but delisted in 2020 due to regulatory issues. As reported by Cointelegraph in June 2024, Animoca Brands is considering rejoining the ASX in 2025.
Meanwhile, its subsidiary The Sandbox is thriving despite the market downturn in 2022. The Sandbox recently secured $20 million in funding, bringing its valuation to $1 billion. The platform has seen significant growth, with over 330,000 unique creators and 5.7 million users engaging in more than 1,000 “experiences” on the platform.
Summary Review: Animoca Brands‘ impressive 72% increase in bookings and substantial rise in cash and stablecoin assets reflect a strong start to 2024. The company’s focus on digital asset advisory and strategic growth through The Sandbox positions it well for future developments, including a potential reentry into the ASX.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
