Blockchain Firm Animoca Takes Over Majority Of Bondly NFT Platform

• Avinandan Banerjee
• September 27, 2022

Animoca Brands, which is a popular Blockchain entertainment company, has acquired a majority stake in the company Bondly, which basically serves as a non-fungible token or NFT solution provider. According to experts, the investment is mainly geared towards utilizing the solutions that Bondly provides in order to aid the promotion of the NFTs being adopted across the portfolio of Animoca. 

Animoca has been maintaining a truly extensive investment portfolio in the non-fungible token industry, which ranges from popular infrastructure platforms like that of Polygon and the Flow network, decentralized finance solutions, esports, blockchain gaming, digital marketplaces, and initiatives to earn through playing, for instance, Amasa and Yield Guild. 

Experts are of the opinion that Animoca’s investment in Bondly is quite a strategic move that is beyond their market reach, and they are making this investment owing to the fact that Bondly is currently developing cross-chain minting systems for NFTs along with NFT swap protocols. On top of that, the company is also building bridges that will, in turn, enable the users and NFT owners on their platform to shift their digital assets from one Blockchain to another with ease. This is a very significant and useful feature that enhances the utility of owning NFTs in the first place, and eventually, the feature would be beneficial for making digital assets on Animoca a lot more attractive. 

Yat Siu, who is the co-founder of Animoca, stated in an announcement that Bondly had developed really amazing and powerful tools in order to help individuals and brands to introduce and acquaint themselves with the world of non-fungible tokens, and din due process, they have developed valuable relationships with many such leading artists and brands. According to him, this plethora of relationships and products will be of immense importance and assistance to Animoca Brands and all the other portfolio companies, which even includes the Launchpad luna accelerator, in their quest to drive the transition to the real model of digital ownership, made possible by the use of NFTs.

Even with all the technological prowess, Bondly is still cornered in a vulnerable position, and that might be a reason for Animoca to come in and make the acquisition. During the month of July this year, the company had suffered an attack on the corporate digital wallets that held NFTs and other tokens. The attack had involved the compromise of a certain password that belonged to Brandon Smith, who was the CEO of Bondly back then.

However, with ample support from Samsung, a unicorn valuation, and more than one hundred names in the non-fungible token industry, all in their network, Animoca is in pretty good shape to bring back Bondly from the depths. 

Finishing thoughts: How to build your own NFT based projects?

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