Animoca Brands Acquires Web3 Streaming Platform Azarus
- Animoca Brands has acquired Web3 streaming platform Azarus for an undisclosed sum.
- A report said that the move aims to integrate Azarus’ innovative technology into the VC firm’s portfolio.
- “Azarus evokes the early days of The Sandbox,” said Yat Siu, the executive chairman of Animoca Brands.
- Other investors in Azarus include venture capital firms Kleiner Perkins and Galaxy Digital.
Animoca Brands, a Hong Kong-based game software and venture capital firm with a heavy presence in the digital asset sector, has announced the acquisition of Web3 streaming platform Azarus. The financial details of the deal remained undisclosed, but the move aims to integrate Azarus’ innovative technology into the VC firm’s portfolio.
As per a report, Azarus seeks to combine its expertise in blockchain-powered game streaming with Animoca Brands’ experience in developing and publishing digital games. The VC firm has invested in multiple Web3 and metaverse firms in the past few years and seeks to establish itself as a clear leader in the sector. The new deal aligns with the firm’s goal of “harnessing Web3 technology to create a player-owned economy in which creators, gamers, and streamers can control their digital property rights,” stated the report.
Yat Siu, the executive chairman of Animoca Brands, stated that “the acquisition of Azarus was a natural business decision that attests to our belief in the transformative power of web3 technology,” while adding:
“Azarus evokes the early days of The Sandbox, with that same energy and upside that makes it such an attractive proposition. Together, we look forward to redefining the streaming landscape, making it more interactive, rewarding, and aligned with the open metaverse,” said Siu.
It is important to note here that Azarus is working to provide creators with new revenue streams, incentivize their followers, and also reward their audience. Additionally, the viewers have the authority to direct revenue to their favorite creators, freeing them to produce outstanding content. Gamers can easily stream their gameplay and earn rewards in blockchain-based tokens.
Additionally, other investors in Azarus include Kleiner Perkins, an American venture capital firm that specializes in investing in incubation, and Galaxy Digital, the crypto venture led by US billionaire Mike Novogratz.
As reported earlier by Bitnation, Animoca Brands planned to raise nearly $1 billion in the first quarter of this year despite the slump in the industry and declining interest in the Web3 gaming and DeFi sectors. The firm reaffirmed its efforts to heavily invest in Web3 and the metaverse.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
