Major non-fungible token (NFT)-focused company Animoca Brands said reached a valuation of USD 5bn after completing a USD 359m investment round.

The latest investment round for Animoca Brands was led by Liberty City Ventures, with participation from a range of other investors including 10T Holdings, C Ventures, Delta Fund, Gemini Frontier Fund, and many others.

Soros Fund Management and Winklevoss Capital, founded by Tyler and Cameron Winklevoss, the chief executive officer and the president of Gemini Trust Co., are also among the investors.

According to Animoca Brands, the newly raised capital will be used for continued strategic acquisitions and investments, as well as product development, and intellectual property licenses.

The company said that it aims to continue its work to “build the open metaverse,” adding that this will be done by bringing digital property rights to users through blockchain technology and NFTs. This opens up possibilities for decentralized finance (DeFi) and GameFi (gaming + DeFi), asset interoperability, and “an open framework that can lead to greater equitability for all participants,” the firm wrote.