Exclusive: Polkadot early investor’s Web3 firm buys Anime Metaverse

LiquidX, a Web3 venture capital studio, has acquired a 70% stake in Anime Metaverse, an anime- and manga-focused publishing and licensing company, for an undisclosed amount, the former told Tech in Asia.

The studio was founded by Kendrick Wong, who is described as an early investor in Polkadot, BNB Chain, and more. LiquidX invests in and also plans to operate Web3 businesses it acquires.

Wong is also the managing partner of Alpha CW, a US$200 million fund that has invested in firms focused on blockchain tech and NFTs. It also counts Southeast Asian startups like GoTo Group as well as funds like Antler and Forge Ventures as part of its investment portfolio.

Image credit: Anime Metaverse

In addition to that, Wong founded N.Fungible, a launchpad and marketplace for fashion brands in the metaverse.

LiquidX tells Tech in Asia that it believes Web3 mass adoption will happen by “creating an original intellectual property (IP) project as well as by licensing existing IP content.”

“LiquidX goes beyond game development to oversee end-to-end Web3 development. Our project funnel starts from an M&A engine, where we acquire majority stakes in companies and then develop both the IP and service alongside the original teams that built them,” the firm adds.

As its name implies, Anime Metaverse is looking to work with popular anime brands to launch their characters as NFT collections. Users on the platform will be able to join an in-game economy and earn game rewards like pets, consumables, and land, along with real-world goodies like whitelists, free mints, and anime convention passes. 

The firm’s first digital collection, which launched three months ago, has sold out. Its floor price was 25% higher than the mint price even amid the crypto crash. 

Anime Metaverse’s first NFT collection / Image credit: Anime Metaverse

While LiquidX did not disclose Anime Metaverse’s valuation, the figure was reflective of the latter hitting US$3 million in revenue within six months of its launch.

LiquidX itself manages over US$40 million in funds across different yield platforms, currencies, and cryptocurrencies. It is looking to invest in the range of US$500,000 to “multi-million” dollars, as well as to acquire early-stage Web3 companies that focus on IPs, infrastructure, and gaming.

“LiquidX tends to approach projects that are still in digestible ticket sizes where our unique operational support model is as valuable to them as a capital injection,” the company tells Tech in Asia. “In comparison, it’s usually more passive investors that look at bigger and more mature projects.”