Exploring Animoca Brands: A Journey into Web3 and Gaming

The term “Animoca” may not be immediately recognizable to most English speakers. Is it a Japanese word, a particular type of confectionery, or perhaps the latest coffee trend?

According to Robby Yung, CEO of the prominent Web3 investment firm Animoca Brands, the name is actually a blend that signifies a connection between animation and mobile communication.

Central to their focus is the gaming industry, as Animoca aims to establish a strong presence in the evolving Web3 landscape. Regardless of its interpretation by outsiders, the name’s significance is clear to the company itself.

Since its inception over a decade ago in Hong Kong by Yat Siu and David Kim, Animoca Brands has consistently pushed toward its vision of being a key player in the metaverse. This ambition persists even as the once-popular metaverse narrative has seen diminished excitement following the COVID-19 pandemic.

After moderating an event featuring Yung at the House of Block in London, a deeper discussion revealed insights into his past and the intriguing development of Animoca Brands, a company navigating a complex journey.

Focus on Building Metaverses

Animoca Brands is dedicated to creating metaverses and systematically onboarding diverse companies through investments. They act as market makers, helping to launch and promote various cryptocurrencies. The ultimate goal is to integrate these projects into what they call the “Mocaverse.”

“Our goal is to unify all our invested companies within the Mocaverse. Currently, there’s a lot happening, and we are establishing notable partnerships,” Yung shared. “Our Moca token debut was just four weeks ago, and we’ve witnessed tremendous interest. Our community is expanding, and their enthusiasm energizes us.”

Key Investments

Among the notable investments, The Sandbox stands out, with Yung noting it as a “key pillar” of their success alongside other prominent projects such as OpenSea, NBA Top Shot, and the creators of CryptoKitties, Dapper Labs.

However, Yung also acknowledges significant missed opportunities, such as not investing in Unity early on.

Unity Technologies, which developed a widely-used game engine, has gone on to raise nearly $900 million, now boasting a valuation of $6.8 billion, according to Stock Analysis.

Exciting new ventures like Grapes and Sky Mavis, the creator of Axie Infinity, are growing rapidly. While they aim to integrate into the Mocaverse eventually, the key drivers of mass adoption currently are the Open Network blockchain and the Telegram platform.

The Appeal of Open Platforms

Yung recognizes the potential of Telegram and TON to build communities rapidly, providing “unhindered distribution.” He criticizes the obstacles posed by major companies like Apple and Google, suggesting they have missed opportunities by limiting decentralized businesses.

“Their desire for complete control, while effective historically, is now being challenged. Many have faced bans from the App Store,” he emphasized.

“Telegram currently has an audience of one billion, and that number continues to grow monthly. Our industry should maintain control over itself, instead of allocating marketing budgets to giants who extract value from the ecosystem. The TON blockchain offers a solution.”

Experts in the field support Yung’s perspective. Dan Beasley, co-founder of Grapes and an emerging Animoca investment, remarks that “Telegram is the go-to platform for crypto enthusiasts. They are rapidly acquiring over 50 million new users monthly. It’s essential for any Web3 gaming company.”

Challenges Along the Way

While Animoca Brands boasts a portfolio of over 540 Web3 investments and is even contemplating an IPO in 2025, the journey has not always been smooth.

In 2020, the Australian Securities Exchange removed the company from its listings after imposing a ban on all blockchain enterprises.

Yung easily addresses such challenging topics, drawing from a rich career that has taken him across the globe and landed him in London since 2019.

Robby Yung’s Background and Path to Blockchain

Yung’s journey began in Germany, moving to the United States at the age of four. He describes his upbringing in Connecticut as nurturing and secure, with his father working in advertising.

With a keen interest in public policy, Yung pursued studies at the University of Chicago in international relations, which eventually led him to Asia to connect with his heritage. “My father is Chinese, and I’m fluent in Mandarin,” he stated.

“After completing my degree, I moved to New York where I pursued a Master’s degree while working in real estate. My focus shifted towards China, prompting my move to Hong Kong.”

During the 1990s, as the telecom industry was booming, Yung found himself at Metromedia, a company soon acquired by AT&T Wireless, setting the stage for a whirlwind career that included significant international dealings.

From Eastern Europe to Venture Success

Yung explored emerging markets after the fall of the Soviet Union, gaining regional experience in Russia, Georgia, and Kazakhstan as the internet era began to flourish.

“My father had previously invested in paging stations in China and later acquired an ISP. I managed this business for two years, but after identifying its challenges, I pivoted into web development and secured venture funding for the first time,” Yung recalled.

Meeting Yat Siu during this time would prove pivotal. Their friendship led to a collaboration that has shaped the last decade of Yung’s professional life.

“From 1997 to 1998, I reconnected with Yat Siu, and we decided to work together. I navigated the internet bubble and its subsequent collapse before taking a year off to reflect on both the challenges and learning experiences.”

Over the next ten years, Yung engaged in media ventures in China, leading two to IPO, with mixed success, before joining forces with Siu again. This partnership laid the foundation for Animoca Brands’ strategy and eventual public listing in 2015.

With plans for a potential IPO in 2025, Animoca Brands continues to rise in prominence within the Web3 landscape, focusing on brand acquisition and intellectual property to capture mainstream attention.

Numerous challenges await, but with the growing influence of the TON blockchain and Telegram’s expansive reach, Yung remains poised for the future of gaming.