2024

The Sandbox

<p data-ct-non-breakable="true">Animoca Brands published its first-quarter investor update on July 10. The bottom line up front: Bookings are up significantly for Q1 year-over-year.&nbsp;</p>
<p>The Web3 gaming and venture capital (VC) firm <a href="https://cointelegraph.com/news/animoca-brands-plans-return-stock-market-2025">reported</a> bookings in the amount of $90 million for Q1 2024, up 72% from the previous year’s $52 million.</p>
<h2 id="bookings-in-the-rise">Bookings in the rise</h2>
<p data-ct-non-breakable="true">Breaking the bookings down, Animoca Brands reported $65 million from digital asset advisory, which includes “token advisory, trading, and blockchain node operations,” $19 million from its Web3 subsidiaries and startup partnerships, and $6 million from investment management. </p>
<p>The uptick in bookings over the first quarter of 2023 is bolstered by a 14% reduction in operating costs. The company posted operating expenses in the amount of $64 million for Q1 2023; it’s reporting $55 million for Q1 2024. </p>
<p>The company notes that, despite these numbers, its total “cash and stablecoin assets” increased by 66% during Q1 2024:</p>
<blockquote data-ct-non-breakable="true">
 “Cash and stablecoin balances increased substantially from $175 million at 31 December 2023 to $291 million at 31 March 2024 as a result of a realized gain on token transactions in The Sandbox, a controlled subsidiary of Animoca Brands. The gains from these transactions impact company cash balances but are not included in core operating income represented by bookings.”
</blockquote>
<h2 data-ct-non-breakable="true" id="market-return">Market return</h2>
<p data-ct-non-breakable="true">The company may be shoring up its coffers ahead of an anticipated reentry into the Australian Securities Exchange. </p>
<p>Animoca Brands had been listed on the market previously but delisted its stock in 2020 amid regulatory uncertainty. As Cointelegraph reported in June 2024, the <a href="https://cointelegraph.com/news/animoca-brands-plans-return-stock-market-2025">company is weighing a 2025 reentry</a>. </p>
<h2 id="the-billion-dollar-sandbox">The billion-dollar Sandbox</h2>
<p data-ct-non-breakable="true">Meanwhile, The Sandbox continues to grow despite the 2022 market downturn. The Animoca Brands subsidiary recently raised <a href="https://cointelegraph.com/news/sandbox-raises-20m-expands-creator-economy">$20 million against a valuation of $1 billion</a> after announcing the onboarding of over 330,000 unique creators. </p>
<p>They join the company’s reported 5.7 million users — gauged by linked wallets — who’ve created or participated in more than 1,000 “experiences” built on the platform. </p>
<p data-ct-non-breakable="true"><strong><em>Related: </em></strong><a href="https://cointelegraph.com/news/nft-sales-plummet-44-percent-memecoins-steal-mind-share"><strong><em>NFT sales fell 44% as memecoins stole ‘mind share’ in Q2</em></strong></a></p>

Animoca Brands reports 72% increase in bookings for Q1 2024 over Q1 2023

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