Animoca Brands Expands Web3 Presence with Azarus Acquisition
Animoca Brands acquires majority stake in Web3 streaming platform Azarus and partners with Saudi Arabia’s NOEM Investment Fund
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Venture capital firm Animoca Brands has acquired Web3 streaming platform Azarus. The firm called the acquisition a “natural business decision” that highlights its belief in the power of Web3 technology.
The acquisition would see Azarus integrate its streaming technologies into the games within the Animoca Brands portfolio.
Azarus is a pioneer in the streaming of blockchain-based games. The decentralized streaming platform allows users to stream their gameplay and interact with viewers using blockchain-based tokens for rewards and incentives.
The platform has been around since 2018, offering an interactive streaming experience for both gamers and viewers. With its Overlay Games, even the viewers are rewarded for their attention and participation on streams, and gamers can overlay advertising and games on their streams. Animoca didn’t disclose how much it paid to acquire a majority stake in Azarus.
What The Acquisition Means For Web3 Games
When it comes to Web3 gaming, Animoca Brands has made a name for itself with several investments. The Hong Kong-based company, which also develops gaming software, shifted its focus to blockchain gaming in 2018. It has investments in several Web3 gaming projects such as Axie Infinity, Sandbox, ApeCoin, Yield Guild Games, and more.
With the new acquisition, Animoca is now solidifying its position in the Web3 and Metaverse gaming sectors. The timing is quite interesting, given that Web3 gaming has seen a significant decline in activity and value over the past year.
Presently, most crypto investments have shifted to ETFs and other investment products. This is due to recent interest and anticipation for a spot Bitcoin ETF. But Animoca’s move is also a vote of confidence for the struggling ecosystem as it shows that the firm believes in the long-term potential of Web3 gaming despite the many challenges facing the sector.
Speaking on the acquisition, Animoca Chairman Yat Siu said, “Together, we look forward to redefining the streaming landscape, making it more interactive, rewarding, and aligned with the open metaverse.”
Meanwhile, the Animoca acquisition also aligns with its goal of incentivizing people to adopt Web gaming. Azarus tech allows Web3 creators and gamers to unlock a new source of revenue through streaming, engagement, and rewards. It further enables streamers to drive viewers to off-stream destinations.
Animoca Partners With NEOM Investment Fund
Beyond its acquisition, Animoca has also partnered with Saudi Arabia NEOM Investment Fund. NEOM is a new urban development planned by the Saudi Arabian government to be a living laboratory for entrepreneurship and emerging technologies.
The partnership will see Animoca work with the NEOM Investment Fund to build Web3 service capabilities in the planned city. The company will establish a Web3 hub in the area, while NEOM Investment Fund will also invest $50 million in Animoca Brands.
