Animoca Brands Corporation Ltd, a leading digital entertainment and NFT gaming company, has reported an incredible 401.5% surge in deferred revenue for 2020.
The company’s annual report reveals that deferred revenue increased from $6.947 million to an impressive $27.890 million.
This remarkable growth comes despite the challenges posed by the Covid-19 pandemic.
Animoca Brands has emerged as a leader in the NFT gaming industry
Yat Siu, founder and president of Animoca Brands, acknowledged the difficulties encountered in compiling the annual report, attributing them to the pandemic.
The company’s blockchain/NFT strategy faced integration challenges due to closures and restrictions in several countries where employees resided.
Despite these challenges, Animoca Brands has emerged as a leader in the digital entertainment industry.
The company’s commitment to blockchain and digital assets has contributed to its unique accounting methodology, in which revenue is deferred upon r
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