Animoca Brands releases 2020 financial report after lengthy delay

Animoca Brands, a web3 investment firm, released its long awaited 2020 financial report after months of delay. 

The company was originally supposed to release its 2020 report by the end of 2022 but was granted an extension into sometime this year, The Block previously reported. Animoca Brands had pinned the delay on crypto market turbulence in 2021 and 2022, as well as putting blame on the 2020 global pandemic.

"We want to thank all of our shareholders for their patience," co-founder and Chairman Yat Siu said in a letter with the report. "This report has suffered significant delays owing to many factors including in particular the COVID-19 pandemic, which severely impacted our capacity to integrate acquisitions into our blockchain/NFT strategy and locked down many of our employees across several countries around the world," Siu said. 

Siu said that deferred revenue for 2020 increased from $6.9 million to $27.9 million.

He dedicated a large part of the letter to more recent strides the company has taken to embrace artificial intelligence. 

"Some parts of our organization are already seeing improvements of up to 80% in efficiency on product development that utilizes AI, and we are very excited by the ways in which AI can accelerate different Web3 efforts in areas such as education and learning, gaming, fashion, sports, and all the other forms of digital identity and culture addressed by Animoca Brands," he wrote.