By
Svetlana Soroka
April 25th, 2024
The move is expected to boost the usage of non-fungible tokens (NFTs) within the gaming industry.
Animoca Brands, a gaming and metaverse heavyweight has bet big on the crypto super app hi by investing $30 million into the project. According to the firm, the move is expected to boost the usage of non-fungible tokens (NFTs) within the gaming industry.
Animoca Brands and hi Aim at Improved NFT Utility in Gaming
Recall that hi recently launched a first-of-its-kind product that saw it partner with MasterCard. And the products are debit cards that are customized with notable NFT collections including Bored Apes (BAYC), CryptoPunks, and others.
Although the cards are billed for shipping later this quarter, it appears that brands under Animoca might be next on hi’s radar.
According to hi co-founder Sean Rach, there are valuable opportunities within the Animoca ecosystem. And the firm is focused on exploring these opportunities to the fullest. That is with its hi debit cards. About the partnership, Rach said:
“One of the key advantages will be enabling our users to make direct transactions with tokens from the Animoca Brands ecosystem such as SAND, EDU, APE, REVV, GMEE, and others through hi Debit Cards.”
Hi to Use Fund for Growth and Expansion
Concerning the new investment, Rach has also revealed how the firm intends to use the “significant” $30 million investment. He says part of it will be used to improve hi’s existing products and possibly develop some new ones.
Additionally, the remaining fund may be used to lend support to corporate accounts, says Rach. And considering that Animoca is already an established brand in the Latin America region, hi will seek to leverage the opportunity to foray into new markets.
Animoca Brands CEO Yat Siu has also hinted at what the firm expects of the new partnership. In a press release, Siu said Animoca will continue to support hi while it continues to develop its super app. He also suggested that the protocol looks to be driving a positive impact for the broader Web3 ecosystem, and so Animoca is more than willing to lend help to achieve that cause.