Animoca Brands’ Japanese unit bags $45M to promote NFTs

Hong Kong-based blockchain and gaming concern institution Animoca Brands’ Japan subsidiary has raised $45 cardinal astatine a pre-money valuation of $500 million, the genitor institution announced connected August 26.

Animoca Brands KK, the Japanese subsidiary, volition usage the caller funds to unafraid licenses for fashionable intelligence properties, boost interior capabilities, summation adoption of Web 3.0 to partners and assistance physique the non-fungible tokens (NFTs) ecosystem successful Japan, according to the property release.

The concern was made successful adjacent parts by Animoca Brands Corporation Limited and MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group.

Animoca Brands has an extended concern portfolio, which includes NFT marketplace Opensea, blockchain gaming startups Axie Infinity, and Dapper Labs, to sanction a few.

According to an announcement successful March, Animoca Brands KK was considering collaborating with MUFG for NFT-related businesses. Japan has scores of palmy anime, manga, and video crippled IPs, making it 1 of the richest places to beryllium for NFT businesses looking to unafraid IPs.

However, the state presently has a stringent taxation strategy for cryptocurrency gains. Japanese businesses are taxed astatine 30%, portion individuals person to wage up to 55%.

The Japanese Government is considering a simplification successful the taxation rates adjacent twelvemonth to halt the exodus of crypto startups to much lucrative jurisdictions similar Singapore. Nevertheless, much and much Japanese businesses are turning to NFTs.

In July, Banking elephantine Sumitomo Mitsui Banking Corp announced a program to make a “Token Business Lab” to supply consultation to organization clients connected NFT applications successful concern with blockchain startup HashPort. Japanese societal media level Line besides launched its ain NFT marketplace successful April 2022.

The station Animoca Brands’ Japanese portion bags $45M to beforehand NFTs appeared archetypal connected CryptoSlate.