Animoca Brands Achieves Growth in 2024 with MOCA Coin Launch and Web3 Expansion

December 23, 2024 12:00 AM AEDT | By Team Kalkine Media

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Animoca Brands Achieves Growth in 2024 with MOCA Coin Launch and Web3 Expansion — Image source: shutterstock

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Highlights

Strong Financial Performance: Animoca recorded year-to-date bookings of US$209 million through Q3 2024, with Q3 alone contributing US$69 million.

Operational Advancements: The MOCA Coin launch, Mocaverse expansion, and Web3 initiatives enhanced Animoca’s ecosystem and engagement metrics.

Strategic Investments: Animoca made impactful investments in Web3 projects and saw a 40% rise in crypto asset balances by Q3 2024.

Animoca Brands Corporation Ltd showcased a solid performance across the second (Q2) and third (Q3) quarters of 2024, driven by an expanding Web3 ecosystem, innovative product launches, and strategic investments. The company’s year-to-date bookings through Q3 2024 reached US$209 million, a notable increase from prior quarters.

Q3 2024 bookings amounted to US$69 million, rising from US$48 million in Q2. Operating expenses also increased to US$59 million, up from US$52 million in Q2, primarily due to the MOCA Coin launch. As of September 30, 2024, Animoca held US$248 million in cash and stablecoins, US$330 million in liquid digital assets, and US$1.6 billion in off-balance sheet token reserves.

Operational Milestones

Animoca made significant progress in expanding its Web3 footprint through new product launches and ecosystem developments.

MOCA Coin Launch:
The launch of MOCA Coin was a defining moment for Animoca. Introduced on December 16, 2024, through South Korean exchanges Upbit and Bithumb, the coin achieved over US$2 billion in 24-hour trading volume. MOCA Coin’s success also bolstered Mocaverse, with 1.8 million Moca IDs claimed and more than 30 partnerships secured by Q3 2024.

Web3 Ecosystems Expansion:
Mocaverse introduced MagicMoca, a co-branded NFT platform with Magic Eden, enabling curated NFT projects powered by MOCA Coin. The Open Campus initiative integrated EDU tokens into the TinyTap learning platform and launched the EDU Chain testnet. This testnet amassed 1.8 million wallets and facilitated 67 million transactions, demonstrating strong adoption.

GameFi Projects:
The GAMEE platform reported notable achievements, including the WatBird Telegram mini-app, which reached 16 million monthly active users by September 2024. Additionally, GAMEE introduced WATCoin on the TON blockchain, further enhancing user engagement. The Sandbox’s Alpha Season 4 release contributed to a 350% increase in SAND token value, supported by a US$20 million funding round.

Strategic Investments

Animoca strengthened its investment portfolio, which includes over 530 projects, aligning with its long-term commitment to Web3 innovation. By Q3 2024, the company realized US$28 million from token-related investments, adding noteworthy ventures such as Pudgy Penguins, Aethir, and Gunzilla to its portfolio.

Through Animoca Ventures and accelerator programs, the company expanded its reach in the Web3 space. A post-election surge in cryptocurrency markets contributed to a 40% increase in crypto asset balances, further driving revenue growth.

With Bitcoin exceeding US$100,000 and institutional interest in blockchain technology surging, Animoca’s ecosystem remains well-positioned for future growth.

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