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Animoca Brands one of the ASX top performers in 2018

Shares have traded up to 11 times the value at the end of 2017.
CryptoKitties app image
The company publishes a portfolio of mobile games and subscription products

Animoca Brands Corporation Ltd (ASX:AB1) is one of the ASX top performers in 2018, having traded at up to 11 times its price at the end of 2017.

The strength of the shares comes on the back of the growing popularity of mobile games and subscription products.

Animoca has also had a strong news flow this year relating to its existing games portfolio, an acquisition, new distribution agreement and placement.

Company has reached a high of $0.12

The company reached $0.09 today on strong volume of circa 54 million shares, down from a 12-month high of $0.12 reached on 25 January.

Animoca’s recently launched iOS mobile game Crazy Defense Heroes has generated a revenue of over $267,000 in its second week. The game was downloaded about 142,000 times in the same period.

It plans to launch the game in the rest of the world later in the year.

Based on the early success on iPhone and iPad, Animoca Brands has begun development of a version for Android devices.

CryptoKitties distribution agreement

The company has also signed an exclusive licence and distribution agreement with Axiom Zen to publish CryptoKitties in China.

CryptoKitties is the first major video game based on blockchain, the underlying technology of cryptocurrencies like BitCoin and Ethereum.

The game allows players to adopt, raise, and trade virtual cats, and represents one of the earliest attempts to deploy blockchain technology for recreational purposes.

READ: Animoca Brands bags $3.25 million, enters blockchain gaming market

Animoca has raised circa $3.25 million via a placement and will use the funds to finance its acquisition of 60% of Fuel Powered, Inc. for an upfront cash consideration of $752,263.

Fuel Powered is a U.S.-based developer of blockchain based gaming services and provider of a cloud based artificial intelligence and machine learning features-as-a-service platform for game publishers.

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Animoca Brands Corporation Ltd Timeline

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