Gaming company Animoca has achieved a record in its Q1 revenue, which may have something to do with its introduction of blockchain to its platforms
Blockchain gaming company, Animoca Brands, recorded an unaudited revenue of $7.34 million in the first quarter of 2020, thanks to record-breaking support from its customers
By incorporating blockchain technology into its game through non-fungible tokens (NFTs), the company may have created additional appeal in the market. By the end of the first quarter, Animoca Brand has been able to save up more than $6 million in fiat and crypto.
The use of NFTs in gaming is still new, but with this success, more companies may be willing to incorporate the technology into their platforms.
What is a NFT?
A Non-Fungible-Token (NFT) is a special kind of crypto. Each token holds unique information that only it will ever have. Unlike traditional cryptos, which are fungible, any token of a specific type can be substituted with one of the same type.
CryptoKitties was one of the first games to test this concept – it involves breeding, collecting and selling virtual cats or Cryptokitties. Each cat has a specific identity and genetics that are coded into an NFT, and then sold to other players. Ownership and transactions for CryptoKitties are tracked via the Ethereum blockchain.
The evolution of blockchain trading games
Animoca took the NFT gaming concept and ran with it. Next, they developed The Sandbox (TBS), a game where players could purchase ownership of unique play areas through a token called LAND using ETH.
Players reacted extremely well to the new technology. The presale of LAND in March was over in nearly 30 minutes and completely sold out 5 hours later with 12,384 pieces sold.
