Animoca Brands' bookings surged 72% year-over-year in Q1 2024

On July 10, Animoca Brands released its investor update for the first quarter. Key highlights include a significant increase in bookings compared to the same period last year.

For Q1 2024, the Web3 gaming and venture capital firm reported bookings totaling $90 million, marking a 72% rise from the $52 million recorded in Q1 2023.

Bookings on the rise

Breaking it down, Animoca Brands earned $65 million from digital asset advisory services, including token advisory, trading, and blockchain node operations. Additionally, $19 million came from its Web3 subsidiaries and startup partnerships, while $6 million was attributed to investment management.

This rise in bookings is complemented by a 14% reduction in operating costs. The company’s operating expenses dropped from $64 million in Q1 2023 to $55 million in Q1 2024.

Furthermore, Animoca Brands saw a 66% increase in its cash and stablecoin assets during Q1 2024. These assets grew from $175 million at the end of December 2023 to $291 million by March 31, 2024, due to gains from token transactions in The Sandbox, a subsidiary of Animoca Brands. These gains have boosted cash balances but do not contribute to core operating income.

Market return

Looking ahead, Animoca Brands might be preparing for a potential return to the Australian Securities Exchange. The company had previously been listed but delisted in 2020 due to regulatory concerns. Reports in June 2024 suggested the firm is considering a reentry in 2025.

The billion-dollar Sandbox

In other news, The Sandbox, another subsidiary of Animoca Brands, has continued to expand despite the market downturn in 2022. The platform recently secured $20 million in funding, valuing it at $1 billion, and has onboarded over 330,000 unique creators. The Sandbox now boasts approximately 5.7 million users, based on linked wallets, who have created or participated in more than 1,000 experiences on the platform.

Source: https://cointelegraph.com/news/animoca-brands-reports-72-increase-bookings-q1-2024-nft-non-fungible-token-sandbox-2023