Hong Kong-based crypto investor and blockchain game-maker Animoca Brands has received $75 million in a fundraising round, valuing it at $5.9 billion.

What Happened: Animoca Brands’ latest funding round secured a valuation of $5.9 billion. Numerous investors, ranging from 10T Holdings to Kingsway Capital, took part in the fundraising round.

The funding will be channeled toward product development, acquisitions, investment and IP licensing.

The Sandbox SAND/USD publishing company’s recent valuation comes amid bleak market conditions, as the crypto sector continues in a bearish trend. Animoca Brands’ published project Sandbox’s digital land NFT collection’s floor price is down to 2.09 Ethereum ETH/USD from 5.27 Ethereum earlier this year.

As reported by Forbes, Animoca co-founder Yat Siu commented, “There is no question that the fundraising environment has become more challenging, but at the same time the current crypto climate has also enabled some users to gain a better entry point to the open metaverse.”

Benzinga's Take: Animoca Brands’ latest valuation is a strong sign for the company amid turbulent and uncertain market conditions.