Fun

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

News Feed - 2024-07-11 01:07:00

Tristan Greene7 hours agoAnimoca Brands reports 72% increase in bookings for Q1 2024 over Q1 2023The bulk of the $90 million reported came from “digital asset advisory.”2549 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAnimoca Brands published its first-quarter investor update on July 10. The bottom line up front: Bookings are up significantly for Q1 year-over-year. 


The Web3 gaming and venture capital (VC) firm reported bookings in the amount of $90 million for Q1 2024, up 72% from the previous year’s $52 million.Bookings


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.


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.


The company notes that, despite these numbers, its total “cash and stablecoin assets” increased by 66% during Q1 2024:“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.”Market return


The company may be shoring up its coffers ahead of an anticipated reentry into the Australian Securities Exchange.


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 company is weighing a 2025 reentry.The billion-dollar Sandbox


Meanwhile, The Sandbox continues to grow despite the 2022 market downturn. The Animoca Brands subsidiary recently raised $20 million against a valuation of $1 billion after announcing the onboarding of over 330,000 unique creators.


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.


Related:NFT sales fell 44% as memecoins stole ‘mind share’ in Q2# Business# Sandbox# Web3# NFTAdd reaction

News Feed

Crypto Flash Crash Prompts El Salvador to Buy the Dip — 150 Bitcoins Added to Treasury
Crypto Flash Crash Prompts El Salvador to Buy the Dip — 150 Bitcoins Added to Treasury As the crypto market shed billions of dollars, El Salvador bought the dip, taking advantage
Coinbase and 17 Other Crypto Firms Launch ‘Travel Rule Universal Solution Technology’
Coinbase and 17 Other Crypto Firms Launch "Travel Rule Universal Solution Technology" On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a colla
Lessons from $LUIGI as $SLAP Gains 220%
Este artículo también está disponible en español. As meme coins continue to win over the public’s hearts and wallets, analysts wrestle with their irreverent, often dege
Bitcoin Sell-Side Risk Ratio Just Dropped Under This Critical Level — What Next For BTC Price?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Price Suppression Below $100,000 Worries Investors, JPMorgan Analysts Reveal Real Problem
Este artículo también está disponible en español. Bitcoin’s price rally may be under threat as it continues to trade under$100,000. According to analysts at JPMorga
A New Super PAC Aims to Elect BTC Advocates and ‘Vote out Anti-Bitcoin Politicians Like Brad Sherman, Elizabeth Warren’
A New Super PAC Aims to Elect BTC Advocates and "Vote out Anti-Bitcoin Politicians Like Brad Sherman, Elizabeth Warren" On Friday, Grant McCarty, the director of policy and public
Retail Crypto Adoption Advances Amid Pandemic as Acceptance and Fungibility Broaden Value
Retail Crypto Adoption Advances Amid Pandemic as Acceptance and Fungibility Broaden Value While the rise in cryptocurrencies over the last year has been the sour
Brayden Lindrea21 hours agoSui Foundation denies it sold locked staking rewards on BinanceSui was accused of dumping locked and non-circulating staked SUI tokens on Binance.6247 Total views3 Total sharesListen to article
Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion
Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over $340 million v
NYT Study: Coinbase Underpaid Female and Black Employees at Much Larger Rates Than Those in the Technology Industry
NYT Study: Coinbase Underpaid Female and Black Employees at Much Larger Rates Than Those in the Technology Industry An analysis performed by the New York Times o
Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Thursday, Less Than a Week Before ‘The Merge’
Bitcoin, Ethereum Technical Analysis: ETH Rebounds on Thursday, Less Than a Week Before "The Merge" Ethereum was back in the green on Thursday, as bulls returned to action followin
Argentinean Prosecutor Investigates Alleged Bitcoin Scam Ganancias Deportivas
Argentinean Prosecutor Investigates Alleged Bitcoin Scam Ganancias Deportivas In Mendoza, Argentina, law enforcement launched an investigation against a sports-r