Animoca Brands, a leading blockchain gaming and investment company, has reported its unaudited financial results for the fourth quarter of 2024, showing significant growth in bookings and revenue. The company recorded $108 million in Q4 bookings, reflecting a 167% increase from $40 million in the same quarter the previous year. For the full year ending December 31, 2024, bookings totaled $314 million, representing a 12% rise compared to $280 million in 2023.

Animoca Brands Covere Banner on X (Twitter)

Animoca Brands

Revenue sources for Q4 2024 included $57 million from the company’s digital asset advisory business, $37 million from its web3 operating businesses, and $14 million from investment management activities. Animoca Brands' financial performance was driven by its subsidiaries and major projects, including The Sandbox, Moca Network, Open Campus, Anichess, Gamee, TinyTap, Animoca Brands Japan, nWay, Eden Games, Blowfish Studios, Pixowl, and Crazy Defense Heroes. Additional revenue was generated through web3 services, portfolio investments, and partnerships.

Breakdown of Revenue and Investment Activities

Bookings from the digital asset advisory business reached $165 million in 2024, marking a 116% increase from the previous year. Web3 operating businesses generated $110 million, encompassing blockchain-based sales, in-app purchases, and other non-blockchain sales. The company also reported $39 million in investment activity, which included realized gains from digital asset investments and investment management fees from Animoca Ventures. Unrealized investment gains were recorded separately on the company’s balance sheet.

Operating expenses for 2024, excluding non-cash and non-token-based payments, totaled $217 million, a 12% decline from $246 million in 2023. This reduction was attributed to the company’s cost-cutting measures and the integration of AI tools to enhance efficiency. In Q4 2024, operating expenses were reported at $49 million, down from $58 million in the same quarter of the previous year, reflecting a 15% decrease.

Animoca Brands Summary Financials 

Financial Assets and Token Reserves

As of December 31, 2024, Animoca Brands held cash and stablecoin balances totaling $293 million. Digital assets were valued at $538 million, consisting of $356 million in available-for-sale assets and $182 million in unvested assets subject to lock-up. The company also held significant liquid tokens, including ETH, BTC, and APE, along with minority investments in more than 540 portfolio companies. The fair value of these minority investments stood at $564 million at the end of Q4 2024. Additionally, Animoca Brands had off-balance sheet token reserves worth $2.9 billion, composed of tokens issued by its majority-owned web3 subsidiaries and projects. These reserves included SAND, EDU, MOCA, and GMEE tokens.

Moca Network and Strategic Partnerships

Moca Network, a key project of Animoca Brands, is focused on developing digital identity infrastructure for the open internet. The network provides a universal account for users' assets, identity, and reputation across different ecosystems. Moca Network evolved from the Mocaverse project, which now functions as its consumer-facing brand, offering curated experiences and rewards through digital identifiers and various products. The network is powered by MOCA Coin, which serves as a utility token for data storage, verification, and governance.

In October 2024, Moca Network announced a partnership with Symbiogenesis, Square Enix’s first NFT collectible art project. This collaboration aims to facilitate a seamless web3 onboarding experience for new users. The following month, Animoca Brands secured an additional $10 million in funding for Moca Network, bringing total investments to $41.88 million. Participants in this funding round included OKX Ventures, CMCC Global, HongShan, Republic Digital, Decima Fund, and Kingsway Capital.

Moca Network also entered a partnership with SK Planet, a major South Korean information and communications technology platform, to develop blockchain-enabled user experiences. The collaboration intends to introduce SK Planet’s 28 million verified users to web3 by integrating Moca Network’s identity and reputation SDK. In December 2024, MOCA Coin was listed on Upbit and Bithumb, two of South Korea’s largest digital asset exchanges. Binance Futures also launched a USDⓈ-Margined MOCAUSDT perpetual contract, expanding trading opportunities for MOCA Coin.

Animoca Raised an Additional $10M for Mocaverse

Web3 Gaming Growth and The Sandbox Expansion

Anichess, a web3 gaming project developed in partnership with Chess.com, launched its public alpha version in October 2024. The project partnered with Yield Guild Games to expand into Southeast Asia, one of its top three markets. By December 2024, Anichess had recorded over 100,000 monthly active players.

Gamee, a mobile gaming platform with over 100 million registered users, continued its expansion in web3. The platform has facilitated over 10 billion gameplay sessions and onboarded 4 million user wallets into the TON blockchain ecosystem. In December 2024, Gamee launched Gamee AdNetwork, a tokenized advertising network powered by the Gamee token. This initiative leveraged Gamee’s audience reach and advertising capabilities, executing 17 campaigns in Q4 2024. Additionally, Gamee sold over 250,000 Founders Packs of Moon Cards to 230,000 unique holders for 701 million WATCoin, valued at approximately $230,000 at the time of sale.

The Sandbox, one of Animoca Brands' most significant projects, continued its expansion in the metaverse sector. The Alpha Season 4 event ran from October to December 2024, featuring partnerships with brands such as Attack on Titan, Chupa Chups, Fist of the North Star, Gordon Ramsay Hell’s Kitchen, Lionsgate, Playboy, Rabbids, The British Museum, and The Smurfs. More than 580,000 unique players participated, completing 39 million quests and accumulating over one million gameplay hours.

Hell’s Kitchen New Fork Off Experience in The Sandbox

Continued Investments in AI and Web3 Sectors

In 2024, Animoca Brands invested in 12 new projects during Q4, bringing its total investments for the year to over 70 across 20 different sectors. Key areas of focus included AI, decentralized finance, and infrastructure. Notable investments included 0G Labs, Cookie3, FLock.io, MyShell, and Talus. Additionally, the company made investments in AI-focused liquid token projects, including Virtuals, ai16z, Aixbt, Griffain, and HeyAnon.

As of December 2024, the fair value of the company’s private investment holdings stood at $564 million, primarily consisting of equity and SAFT investments in private companies and web3 projects. This figure marked a decrease from the $690 million valuation recorded at the end of 2023.

FYE 2024 Financial Assets and Token Reserves

Corporate Developments and Governance Changes

On December 23, 2024, Animoca Brands held a general meeting where shareholders approved a resolution to change the company’s group auditor. DFK Collins was removed from the role, and Hall Chadwick was appointed as the new auditor.

With its strong financial performance, strategic partnerships, and ongoing investments in web3 and AI, Animoca Brands continues to position itself as a key player in the blockchain gaming and digital asset sectors. The company’s expansion into new technologies and markets reflects its commitment to long-term growth in the evolving digital economy.

Source: GamesBeat