The crypto-focused tech giant will put its metaverse initiatives into high gear with the purchase of a well-known racing game publisher.
By securing the acquisition of Eden Games, Animoca Brands has now stepped at the forefront of the company’s operations by purchasing the subsidiary of Engine Gaming for about $15.3M.
Even though Eden Games was primarily known for its Test Drive franchise, it also worked on some world-class racing game titles like Need for Speed: Porsche Unleashed and F1 Mobile Racing, and has made several partnerships with automotive brands like Bugatti, Porsche, BMW, etc.
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CEO of Engine Games Lou Schwartz spoke on the decision behind selling the subsidiary, stating that it was done in order to "avoid expensive bridge financing and the sale of stock at current levels" which would put the company in an unfavorable position with its shareholders.
Based on the report by Animoca Brands, within its earlier REVV Motorsport ecosystem, the company seeks to implement a number of new metaverse racing games, and utilize its digital assets such as the $REVV token and NFT Race Passes.
1/ We are pleased to announce that today we acquired @EdenGames, the developer of @NeedforSpeed: @Porsche Unleashed, @gearclubthegame, @F1MobileRacing & more.— Animoca Brands (@animocabrands) April 11, 2022
Read the full announcement at: https://t.co/iDNrevUn4v 🧵 pic.twitter.com/d9vD5HVSVx
Co-founder and Chairman of Animoca Brands Yat Siu spoke on the acquisition of Eden Games, stating:
"With its quarter of a century of expertise in building high-quality motorsport video games, Eden Games will enhance and accelerate the development of the REVV Motorsport ecosystem and add powerful value to the REVV community and the racing metaverse."
Even more so, the Chairman shared some more details on the upcoming motorsport metaverse initiative, claiming that owners of the Race Pass will be able to participate in the "$revv staking pool" and earn native tokens.
4/ a Metaverse first approach is to bring proven talent and expertise to create user IP-owned digital assets which embed certain rights including commercial ones such as @TheSandboxGame @BoredApeYC @REVV_Racing @GBotsbyGAMEE that allow for true co-ownership & creation— Yat Siu (@ysiu) April 11, 2022
Animoca Brands has shown a diverse interest in blockchain gaming initiatives. One of its latest investments includes a supported seeding round of a play-to-earn healthy lifestyle platform Health Hero.