"Strategic acquisitions, investments and product development" are in the pipeline — along with plans to secure the rights to popular intellectual properties.
It's a difficult time for crypto companies hoping to raise capital right now, but some businesses are continuing to show strength.
Animoca Brands has announced that it's secured another $75 million in funding.
And while this is less than the $360 million raised back in January, Animoca's valuation has now gone up to $5.9 billion.
The company is the driving force behind The Sandbox, and has also established a Web3 investment portfolio — offering support to the likes of Axie Infinity, Splinterlands and Alien Worlds.
Setting out its plans for the cash, the entertainment firm explained:
"Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users."
Co-founder and executive chairman Yat Siu said Animoca was "honored" that it has continued to enjoy support from investors. Highlighting an ambition to cement its leadership position in the Web3 space, he added:
"Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse."
And Liberty City Ventures, which participated in the funding round, said:
"Over the next decade, humanity will discover and embrace the game changing power that blockchain based digital ownership of assets will bring to countless aspects of daily life."
The bullish tone is somewhat surprising given the current depressed state of the NFT market. Kingsway Capital's CEO and founder Manuel Stotz said:
"The genie of digital property rights has been let out of the bottle, and the Internet users engaging with this revolutionary technology will not be returning to the digital servitude that is common in Web 2.0. The long-term growth trajectory of NFTs and similar ownership technology is extraordinarily steep, especially in emerging markets."
He went on to note that Animoca Brands had "earned its stripes" by emerging from the crypto winter of 2018 as a bigger, stronger business.