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Cryptocurrencies

Hong Kong 'metaverse startup' Animoca Brands raises $75m

Blockchain gaming group is behind digital land trading game 'The Sandbox'

Animoca Brands develops games that use non-fungible tokens -- blockchain-backed digital assets -- to buy and trade items in a so-called metaverse. (Photo courtesy of Animoca Brands)

HONG KONG -- Hong Kong startup Animoca Brands, a major player in the burgeoning "metaverse" space, said Tuesday it has completed a $75 million round of fundraising, despite a meltdown in cryptocurrency markets.

Animoca develops games that use non-fungible tokens -- digital assets whose authenticity is verified using blockchain technology. The company is best known for The Sandbox, a game that lets users buy plots of digital land as NFTs using cryptocurrency and then trade their purchases on a marketplace called OpenSea.

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