Animoca Brands Acquires Motorsport Games Developer Grease Monkey

  • Following the acquisition, Grease Monkey Games will have integrate the Animoca Brand’s REVV token into its games.
  • The indie game developer will continue to operate under its current management, but will have to align its efforts to those of Animoca Brands.
racing

Shutterstock

Gaming and metaverse-focused investor Animoca Brands has successfully acquired motorsport games developer Grease Monkey Games, the company said in a press release on 17 February.

According to the announcement, Grease Monkey Games will continue to operate under its current management, which will now align its efforts with those of Animoca Brands. The indie gaming company will now focus in particular on blockchain integration, fungible tokens, non-fungible tokens (NFTs), play-to-earn capabilities, synergy opportunities, and product launches that will help improve Animoca Brands’ REVV Motorsport ecosystem. The founder and managing director of Grease Monkey Games, Arran Potter, said in a statement:

“We are incredibly excited to be joining the Animoca Brands family and its vision for the future of gaming. With our combined experience and licensed partners, we can build unique digital experiences for the REVV ecosystem. Blockchain technology will play a large part in the future of gaming and the web at large, and I can’t think of a better partner to work with than Animoca Brands.”

While the financial terms of the deal have yet to be disclosed, the acquisition of Grease Monkey Games comes as no surprise considering Animoca Brands wishes to build up its REVV Motorsport ecosystem. The indie game developer — which is behind the 2015 Torque Burnout and 2017 Torque Drift — has had its games downloaded 45 million times across mobile and PC, and is currently developing a new cross-platform racing game that uses the Unreal Engine 5. The REVV token will now be integrated into the game developer’s games as part of the acquisition.

Animoca Brands is connected to many metaverse-related ventures, such as the play-to-earn motorsport game it developed F1 Delta Time, which uses the REVV token as its native currency. It’s investment portfolio also contains play-to-earn games such as Axie Infinity and NBA Top Shots, and companies such as Dapper Labs and OpenSea, the largest NFT trading platform.

Discussion
Related Coverage
Meta’s Metaverse Division Loses $2.8B in Q2
  • Mark Zuckerberg said that while Reality Labs had lost $2.8 billion in Q2, it had the potential to unlock “hundreds of billions of dollars” in revenue over time.
  • The same day, the U.S. FTC filed a lawsuit against Meta, alleging the company was trying to monopolize the entire metaverse market.
July 28, 2022, 11:13 AM
Facebook CEO Mark Zuckerberg

Meta CEO Mark Zuckerberg during press conference at VIVA Technology, Paris, France, May 24, 2018. Frederic Legrand/Shutterstock

Dubai Adopts New Metaverse Strategy
  • Introduced by crown prince Sheikh Hamdan, the new strategy hopes to attract more than 1,000 blockchain and metaverse projects, and support 40,000 virtual jobs by 2030.
  • Sheikh Hamdan pointed out that the “two key enablers of the metaverse”, virtual reality and augmented reality, have already created 6,700 jobs in the area, contributing $500 million to the UAE economy.
Blockchain, NFT, and Metaverse Included in Shanghai’s 5-Year Development Plan
  • One of the main points in Shanghai’s five-year development plan was metaverse, with the government planning to fund more than 100 firms focused on virtual reality.
  • The city will also encourage the development and application of “blockchain+” technology, and the promotion of NFT trading platforms.