The digital entertainment and blockchain gaming firm acquired a 96% stake in Eden Games for $15.3 million.
Animoca Brands could not renew a license for its Formula 1 game last month
Animoca Brands is consistently building its REVV Motorsport ecosystem, and its latest play in this direction is the addition of French gaming production studio Eden Games. The deal was completed for a reported $15.3 million at the end of last week by giving the Hong-Kong based game software company 96% ownership in the company.
As part of the terms of the acquisition, the gaming and venture capital firm will gain control over popular racing games, including the Test Drive collection, Gear.Club Unlimited. Animoca intends to use the Eden Games to create new and work on existing blockchain-based racing games.
As Animoca extends its reach in the blockchain gaming space, it is embracing a metaverse-first approach. The Yat Siu-led company intends to leverage the stretch in partnerships and inroads Eden Games has in the gaming industry to add value to the larger REVV ecosystem.
Some of the industry mammoths Eden has partnered with are Porsche, Bugatti, and BMW.
“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,” Yat Siu, a co-founder of Animoca Brands, said in a statement.
Eden Games is a veteran industry player, having been in the space since 1998 and released the popular Play Station game V-Rally. Eden Studios remained a component of Atari until the latter filed for bankruptcy in 2013, after which the studio later resurfaced as a standalone creator – Eden Games.
Animoca Brands in 2022
Since the turn of the year, Animoca Brands has seen its ups and downs. The good bit is that Eden Games’ acquisition is the second of the year, given that the venture firm also captured Australian motorsport game maker Grease Monkey Games in February.
Further, onboarding Eden Games means that Animoca Brands can now offer a Formula 1 racing game. This is a relief as it was unable to renew its license for its F1 Delta Game, forcing it to shut down around mid-last month.
T Scientific gains majority ownership status in Hanbitco exchange
Elsewhere, software solutions provider T Scientific has completed a 60% stake purchase in PlutusDS, the parent company of South Korea’s Hanbitco crypto exchange. According to an official statement, the deal was completed for $19.5 million.
The plan is to eventually enable T Scientific to expand its blockchain-based activities to include NFTs and diversified financial products. The software provider also said it would likely increase the ownership stake to 70%.