NFT gaming startups win massive valuations

A niche corner of the gaming industry is proving irresistible for VC investors, who see games as the first frontier for non-fungible tokens, a class of blockchain-based digital assets.
 

• Animoca Brands has raised $65 million at a $2.2 billion valuation, more than double what it was worth earlier this year, according to PitchBook data.
   
• The Hong Kong-based startup joins NFT game makers like Sorare, Dapper Labs and Axie Infinity, whose valuations have similarly swelled into the billions of dollars. Animoca is also an investor in both Dapper Labs and Axie Infinity, among other NFT startups.
   
• Sequoia China, Ubisoft, Liberty City Ventures and Dragonfly Capital were among the investors in Animoca's latest round.

Featured image courtesy of Animoca