Animoca Brands Corporation Limited (ASX: AB1) is engaged in the information technology sector and in the operation of creating apps for smartphones and tablets. It was formed through the consolidation of many acquisitions and partnerships and hive off from the app portfolio of Animoca. The company also publishes and develops games.
The company today, on 3 April 2019, announced to have entered a binding term sheet with Lucid Sight, Inc. with a view of promoting, marketing and distribution of Lucid Sight’s portfolios of games in Asia, as well as to implement assets from the games into the company’s blockchain titles as non-fungible tokens.
Animoca participated in the Lucid Sight’s latest fundraising round. Lucid Sight is the developer and publisher of various VR games and blockchain games, including the flagship MLB Champions™ based on the franchise, Major League Baseball.
Lucid Sight develops and publishes virtual reality and augmented reality games, including the PSVR game Herocade, Polyrunner, Star Drive, etc. The group has released several blockchain games, including MLB Champions™, which is an officially licensed product of Major League Baseball and Major League Baseball Players Association and one of the first blockchain games based on a licensed major sports franchise.
Lucid Sight has developed Crypto Space Commander, a hugely played multiplayer online real-time space game, which has player-controlled economy.
Animoca has participated in the funding worth US$6 million (approximately A$8.5 million) into Lucid Sight, Inc. The amount invested by the company was not material with the involvement of players like Digital Currency Group, Galaxy EOS VC Fund, Salem Partners, Breakaway Growth, and Frontier Venture Capital in the round.
In line with the agreement, Animoca will become the exclusive partner of Lucid Sight for promotion, marketing and distribution of the games of Lucid Sight in Asia, including MLB Champions™. The company will receive share of net revenues generated by the games in and outside Asia in connection with distribution and publishing deals and other agreements brought by the group.
Animoca, additionally, in at least two of its blockchain titles will have the right to take advantage of assets from Lucid’s original games. The use of third-party intellectual properties from Lucid Sight branded games is, however, subject to the approval of their corresponding licensors.
By partnering with Lucid – a like-minded pioneer in blockchain gaming – Animoca Brands will continue to consolidate a leading position in the blockchain gaming industry, especially across the Asia Pacific. Animoca Brands further believes that this collaboration will confer useful exposure to VR and AR games markets.
On the price-performance front, the stock of Animoca Brands Corporation Limited at market close on 3rd April 2019, traded at $0.100, with a market capitalisation of ~$75.21 million. The stock has generated a 12.36% return over the past six months and -4.76% over the last three months. Its 52-week high price stands at $0.115 with an average trading volume of 2,024,592.
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