Blockchain leisure firm Animoca Brands has acquired a majority stake in non-fungible token (NFT) resolution supplier Bondly. The funding is wanting to make use of Bondly’s options to advertise the adoption of NFTs throughout Animoca’s portfolio.
Animoca has an intensive funding portfolio within the NFT trade starting from infrastructure platforms similar to Flow and Polygon, play-to-earn initiatives Yield Guild and amasa, decentralized finance options, digital marketplaces, esports, artwork, and blockchain gaming.
The funding in Bondly is strategic past its market attain as a result of Bondly is engaged on NFT swap protocols and cross-chain NFT minting and bridges that may allow NFT homeowners to maneuver their digital belongings from one blockchain to a different. This characteristic ought to improve the utility of possession of an NFT and consequently make Animoca digital belongings extra enticing.
“Bondly has developed highly effective instruments to assist onboard manufacturers and people to the world of NFTs, and has constructed invaluable relationships with many main manufacturers and artists,” mentioned Animoca’s co-founder Yat Siu. “These merchandise and relationships shall be of nice help to Animoca Manufacturers and our portfolio corporations, together with the Launchpad Luna accelerator, as we drive the shift to the true digital possession mannequin made doable by NFTs.”
Regardless of its technological success, Bondly is in a weak place, which could have contributed to Animoca’s buying a majority stake. In July of this yr, Bondly skilled an assault on company wallets that held tokens and NFTs. The assault concerned compromising a password of Bondly’s then CEO Brandon Smith that enabled the hacker to recreate the company wallets. That’s the type of factor decentralized options normally attempt to guard towards.
In the meantime, Bondly has had some success spreading NFTs in Mexico’s high soccer league Liga MX. The platform launched an NFT collection in partnership with the league and supported the public sale of a 1% workforce possession stake in Club Necaxa as an NFT.