Animoca Brands’ Japanese unit bags $45M to promote NFTs

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The Japan subsidiary of Hong Kong-based blockchain and gaming investment company Animoca Brands has raised $45 million at a pre-money valuation of the parent company’s $500 million. announced on 26 August.

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Animoca Brands KK, the Japanese subsidiary, uses new funds to secure licenses for popular intellectual property, foster internal capabilities, enable adoption of Web 3.0 for partners, and help build the non-fungible token (NFT) ecosystem in Japan Will do Press release.

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The investment was made in equal parts by Animoca Brands Corporation Limited and MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group.

Animoca Brands has an extensive investment portfolio, which includes NFT marketplace OpenC, blockchain gaming startup Axi Infinity, and Dapper Labs, to name a few.

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According to an announcement in March, Animoca Brands KK was considering collaborating with MUFG for NFT-related businesses. Japan has many successful anime, manga and video game IPs, making it one of the richest places for NFT businesses that want to secure IP.

However, the country currently has a stringent tax system for crypto profits. Japanese businesses are taxed at 30%, while individuals are required to pay up to 55%.

The Japanese government is considering a reduction in tax rates next year to stem the exodus of crypto startups to more lucrative jurisdictions such as Singapore. Nevertheless, more and more Japanese businesses are turning to NFTs.

In July, banking giant Sumitomo Mitsui Banking Corp announced plans to create a “Token Business Lab” in partnership with blockchain startup Hashport to provide consultations to institutional clients on NFT applications. Japanese social media platform Line also launched its own NFT marketplace in April 2022.





Credit : cryptoslate.com

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