- In an effort to support Cool Cats, one of the industry’s leading “blue chips” in the NFT world, Animoca Brands is putting some of its funding power behind it.
The cartoon-feline-themed non-fungible token company Cool Cats Group LLC just announced that it has received a “strategic investment” from Animoca Brands. Stockhead recently reported that Animoca Brands had raised another US$110 million from a host of new investors, pushing its valuation close to US$6 billion.
What is the reaction of the Cool Cats NFT trading volume and price to the news? It’s up (at the time of writing). The sales volume of Cool Cats spiked 200%+ within 24 hours of the investment news.
What is behind the hype?
As part of Animoca’s mission, it will help Cool Cats become the world’s largest NFT brand, as well as a robust media and content company. Cool Cats and Animoca could be the start of a very cool partnership considering that Animoca helped shape some of the biggest success stories in NFT, gaming, and metaverse (e.g. The Sandbox, Sky Mavis, and Axie Infinity).
The union between Ken Cron, CEO of Cool Cats Group, and Yat Siu, cofounder and CEO of Animoca Brands, is in fact the culmination of a longstanding relationship.
“Yat is one of web3’s foremost thought leaders and he has built one of the most important companies in the industry,” said Cron. “Working more closely with Animoca Brands will bring tremendous value to Cool Cats and its community. Our new CEO, Stephen Teglas, and the entire Cool Cats team, couldn’t be more excited to get started.”
“Ken is one of the most experienced gaming and media executives in the world, and it has been my pleasure to have him as an advisor to Animoca Brands’ board of directors for the past two years.
“Cool Cats is a leading example of metaverse native IP based on the principle of decentralised ownership,” continued Siu, adding:
“Our belief in what the Cool Cats team has built, along with our commitment to the NFT space – which we believe will unlock the next frontier of gaming – could not be stronger.”
It’s good to see that a big fund like Animoca Brands is interested in NFT projects and wants to take this trend to the next level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.