Animoca Brands, a crypto game publisher and metaverse investor recently valued at over $5 billion, is expanding its portfolio with the acquisition of Eden Games, a long-running video game studio.
Animoca acquires Eden Games in order to develop new cryptocurrency racing games
According to reports, Animoca paid Engine Gaming & Media $16 million for the studio, which was reportedly valued at more than $5 billion. Eden Games was once owned by Atari and was forced to close in 2013, only to return as an independent firm following Atari’s bankruptcy.
The Test Drive Unlimited series and Need for Speed: Porsche Unleashed are two of Eden Games’ most well-known racing games for consoles and PC. The French firm has traditionally specialized in racing games, with recent titles such as Gear. Club and F1 Mobile Racing indicate a push toward mobile gaming.
For $16 million, Engine Gaming & Media sold the studio to Animoca. Eden Games, which was previously owned by Atari, closed in 2013 before reopening after Atari declared bankruptcy.
Given Animoca’s Web3 focus, Eden Games will be tasked with developing blockchain-based racing games. The studio will work on existing titles in Animoca’s REVV Racing ecosystem as well as “a series” of new racing games.
In addition to the racing game REVV, the REVV Racing ecosystem also includes MotoGP: Ignition, Formula E: High Voltage, and Torque Drift, all of which are powered by NFT and Polygon, an Ethereum sidechain scaling solution. All of Animoca’s racing games are built around the REVV token and are play-to-earn experiences.
The Eden Games acquisition comes less than a month after Animoca’s legally licensed Formula 1 game, F1 Delta Time, was abruptly shut down. The Ethereum-based game was forced to shut down because Animoca was unable to renew the league license.
As a result of the move, Animoca issued REVV Racing NFTs as replacements for REVV Racing NFTs purchased for F1 Delta Time, as well as a Race Pass NFT enabling access to services like token staking.
Eden Games’ next racing games, as yet unannounced, will also be a part of the REVV ecosystem, and Animoca is presenting the news as a possible benefit to anyone who earned compensation NFTs as a result of the F1 Delta Time closure.
According to the press release, “the new games will increase the utility of NFT Race Passes and other assets gained by trading items from Animoca Brands’ F1 Delta Time.”
In the year 2022, Animoca will make its second acquisition of a racing game firm. Grease Monkey Games, the creator of Torque Drift, was purchased by the firm in February. The Sandbox, a metaverse game based on Ethereum, will also be published by Animoca.
If you find this article informative then do not forget to share it with your friends and family! Let us know what do you think of the topic in the comment section below.
Also read: Epic Games raised a $2 billion in funding