With Its Recent Acquisition, Animoca Expands Into Crypto Racing Games

The NFT and Metaverse investment group intends to continue expanding its REVV Motorsport ecosystem with a focus on the Metaverse.

Animoca Brands, a gaming and venture capital firm, has finalised its major acquisition of Eden Games, the publisher of the Gear.Club and Test Drive series of racing games.

Eden Games is a 1998-founded company situated in France. On April 7, Engine Gaming and Media sold 96 percent of the company to Animoca for $15.3 million.

Animoca intends to expand its REVV Motorsport (REVV) ecosystem with the acquisition by implementing a “Metaverse first approach” to new and existing game titles, as Animoca chairman Yat Siu tweeted on April 12.

Additionally, it intends to launch additional blockchain-based racing games. Eden Games has automotive sector ties with BMW, Bugatti, Porsche, and others, which could help Animoca develop a more robust array of racing games.

The REVV Motorsport ecosystem is comprised of the eponymous racing games, MotoGP: Ignition, Formula E: High Voltage, and Torque Drift, all of which run on the Ethereum scaling solution Polygon. Each game is built on the blockchain and utilises nonfungible coins (NFTs).

Animoca will be able to leverage on Deloitte’s predicted $2 billion in sports NFT transactions in 2022 by integrating its NFT solutions into sports.

Yat Siu, co-founder and chairman of Animoca Brands, stated on April 11 that the acquisition would “bring value to the REVV community and the racing metaverse” through the company’s numerous racing assets.

Animoca has been hard at work developing its own racing game environment, hoping to fill the hole left by the closure of its F1 Delta Time game on March 15 due to the company losing its licence with the Formula 1 racing brand. There is currently no information on what new games may be in the works as a result of the acquisition.

F1 racing is a popular sport in the cryptocurrency sector, with at least eight crypto businesses presently sponsoring teams, including exchange Binance, cryptocurrency marketplace Crypto.com, and Ethereum scaling solution Fantom. From a commercial standpoint, its popularity makes perfect sense, given that about one billion worldwide fans are scheduled to watch races during the 2022 season.

Animoca Brands is a market leader in the NFT and Metaverse space. Additionally, it owns The Sandbox (SAND) and Axie Infinity (AXS).

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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