Summary
- Global blockchain company Animoca Brands said it has completed the acquisition of non-fungible token (NFT) firm SOMO.
- The acquisition came as the NFT market showed signs of recovery, with the NFT market’s market capitalization rising 20% over two weeks so far this year.
- Animoca Brands said it will strengthen the SOMO brand by integrating SOMO into its Web3 ecosystem and its global gaming, community and partner network.
Global blockchain company Animoca Brands has acquired non-fungible token (NFT) firm SOMO.
Animoca Brands said on the 14th (local time) that it had "completed the acquisition of SOMO, a digital collectibles and gaming company." Animoca Brands explained, "SOMO’s gaming ecosystem aims to turn digital collectibles into tradable and playable assets," adding that "this acquisition will strengthen the SOMO brand by leveraging our existing Web3 ecosystem."
The deal comes as the NFT market has shown signs of recovery so far this year. Cointelegraph reported, "The NFT market’s market capitalization rose 20% over two weeks this year," calling it "a strong short-term rebound seen for the first time in a year after last year’s prolonged slump."
Yat Siu, chairman of Animoca Brands, said, "We will integrate SOMO into the Animoca Brands ecosystem," adding, "We will connect (SOMO) with Animoca Brands’ global gaming, community and partner network."
