Through its investment in Bondly, the blockchain game developer Animoca hopes to improve cross-chain utilization of NFTs.
Animoca Brands, a game developer specializing in nonfungible tokens (NFTs), has announced a significant investment in the nonfungible token (NFT) platform Bondly.
Following the investment, according to a press release issued on Friday, Animoca will hold a majority stake in Bondly.
Yat Siu, chairman and co-founder of Animoca, provided the following explanation for the company’s investment in Bondly:
“We acquired a majority stake in Bondly because it will significantly assist us to drive true digital ownership via NFTs, and we see this as crucial to the future of gaming and the emergence of the open metaverse.”
It is anticipated that Bondly’s NFT technology, which includes launchpad and cross-chain bridges, will be integrated into Animoca’s gaming products as a result of the investment.
Bondly’s suite of NFT technology solutions, according to the announcement, will be used to enable gamers to transfer in-game NFT assets across different blockchain networks.
As previously reported by Cointelegraph, the CEO of Animoca stated that the company believes Bondly’s products are extremely relevant to the blockchain game developer and its subsidiaries.
“We believe Bondly’s NFT swap protocol, marketplace, and cross-chain NFT minting and bridges have a wide range of potential applications,” Siu told Cointelegraph.
This investment in Bondly is the most recent in Animoca’s spending spree, which has been ongoing since the company’s successful capital raise in May, which pushed the company’s valuation to $1 billion.
In order to further expand its presence in the NFT technology sector, Animoca is on the lookout for even more NFT tech companies, according to Siu.
Animoca currently has investments in more than 100 companies, including well-known names in the NFT space such as OpenSea and Dapper Labs, as well as smaller startups.
The acquisition of Animoca comes as a result of a security breach that occurred at Bondly in July. At the time, the project’s native token experienced a 60 percent decline following reports of a suspected hack.
Bondly CEO Harry Liu told Cointelegraph that the project has upgraded its security infrastructure as a result of the hack and that the protocol has seen significant improvements as a result of the upgrade.