Letter from the Chairman to Shareholders

We are at the dawn of a new era in technology—and beyond. If 2022 marked the public arrival of generative AI chat tools, then 2026 marks the arrival of scalable machine-led execution.

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Today, individuals and enterprises are increasingly using autonomous AI agents to manage decisions, workflows, and transactions on their behalf.  We are witnessing the rise of the agentic web, a paradigm shift in which AI agents surpass humans as the primary active users online. 

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The emergence of the agentic web has profound implications for the entire Web3 ecosystem. 

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Ease of use remains one of the principal challenges to broader Web3 adoption, because the complexities associated with managing wallet signatures, gas fees, bridging assets, and network protocols create significant friction for mainstream users. Autonomous AI agents change this equation completely by abstracting away underlying blockchain mechanics, enabling users to simply state an intent in natural language while the agent handles execution behind the scenes.

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Conversely, an agentic internet cannot function optimally on legacy financial or identity infrastructure. Autonomous agents require on-chain identity, programmable digital property rights, and network-native, real-time, fractional payments. There are relatively few organizations entering the transition to the agentic web with any of this Web3 infrastructure already in place. Animoca Brands is one such company.

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Against that background, we are proud to share with shareholders of Animoca Brands an update about one of our most exciting initiatives this year: Minds by Animoca Brands (which is 100% owned by Animoca Brands). We also invite shareholders to redeem an exclusive benefit (see below).‍

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Minds by Animoca Brands (or “Minds” and also known as “Animoca Minds”) is a platform for autonomous, always-on, blockchain-native agentic AI, available at our website hellominds.ai. Through a simple email or message, users instruct AI agents to perform complex tasks without requiring any hardware setup, server management, or coding skills. 

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In essence, the Minds platform greatly simplifies access for a mainstream global audience to both advanced personal AI and Web3 capabilities. 

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Since its alpha launch in February 2026, Minds has emerged as a fast-scaling product with strong, independent external validation. Today, Minds is one of the fastest-growing applications tracked on OpenRouter, the industry-standard aggregator that tracks and ranks real-world AI traffic globally. 

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OpenRouter shows several top rankings for the Minds platform: multiple #1 positions in the categories Entertainment, Roleplay, and Creative Writing, alongside #2 in Creative, #3 in both Productivity and Personal Agents, and #8 in Daily Global Rank (as of 31 July 2026).

We are thrilled with the progress of the Minds platform, which we view as a functional, highly active expression of the agentic web. Minds serves as a central pillar in how Animoca Brands will help construct, power, and lead the infrastructure of the next phase of the internet. 

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If you’re not quite sure how to start using personal AI agents, one easy way to orient yourself is to create a Mind (which is simple and quick) and simply talk to it. Your Mind will happily provide you with information and guidance. 

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Minds have many practical uses right out of the box. Here are some we’ve seen so far:

• Building and coding. Minds can design and build systems and products, both singly or networked with other Minds. Examples range from generating interactive games to coding custom features, including the platform’s own multi-Mind management chat interface.
• Personalized coaching and/or logistics Minds that can act as dynamic educational tutors, meal planners, fitness coaches, and assistants, dynamically adapting to individual daily routines.
• Workflow automation Minds that triage email, extract key action items, and route structured data into tools such as Google Sheets or Notion.
• Executive information Minds that aggregate messages, emails, and data feeds into concise daily executive digests that can save you significant time and effort. 
• Market research and lead generation Minds that conduct automated market scouting, profile commercial opportunities, discover sales leads, and manage CRM updates.
• Targeted outreach Minds that identify tailored opportunities relevant to the Steward and draft context-aware communications.
• Asset management Minds that assist in trading strategy design, backtesting, paper trading, and real-time execution.

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Exclusive for Shareholders: Free Cognition Credit‍

The future is agentic. We invite you to explore Minds and redeem your exclusive benefit as a shareholder of Animoca Brands (details in the final section of this report). 

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We would love to hear about your experiences using Minds: please write to us at info@animocaminds.com and join the Telegram group to learn more about how to get the most out of your Minds. 

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With gratitude,

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Yat Siu 

Co-Founder and Executive Chairman

Animoca Brands

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‍Product Overview: Minds‍

Minds by Animoca Brands, also known as “Minds” or “Animoca Minds” (website: hellominds.ai), is a persistent agentic AI platform that provides fully customizable agents built for real-world execution. It completely removes complexity from your user experience while preserving full control and customization over your agents. Anyone can deploy and manage always-on AI agents—called Minds—with no hardware to install and no software to manage. Every Mind is owned by a human “Steward” and is built not just to answer you but to act, capable of independently completing real-world tasks end-to-end.

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Minds are also highly networkable and easily collaborate with each other when instructed to do so: 11.2% of Minds currently operate in groups with other Minds, averaging 6.4 connections per connected Mind and enabling autonomous negotiation and multi-agent task execution.

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‍The Bazaar: Marketplace of Capabilities‍

The Bazaar is the marketplace within the Minds platform. It lets Stewards equip their Minds with Tools (API-connected apps), Apps, and Skills (structured playbooks) that enhance Minds and enable them to execute increasingly complex or specialized tasks. The Bazaar is expanding rapidly, with strong attach rates across all three capability types. Below is a table summary of resources available on the Bazaar as of 31 July 2026.

‍Step-change in Unit Economics: Migration to MiniMax M3‍

We recently migrated the Minds platform’s primary cognition model to MiniMax M3. The change reduced our inference cost (what it costs Minds to think and work) by an estimated 90–95%, based on an internal initial assessment, materially improving unit economics and clearing the path to scale up the platform. 

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Post-migration, the output quality of Minds has been well maintained and in some cases even improved under our new “Mastermind” agent architecture, which is designed to be more capable and more concise than prior iterations.

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MiniMax M3 is a multimodal foundation model built by MiniMax. It supports text, image, and video inputs with text output, a 1M-token context window, and is well suited for long-horizon agentic work, coding, and tool use. 

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In AI, a “token” is the fundamental unit of data processed by a model. Token volume is the industry-standard gauge of active platform usage, measuring the amount of work executed by an AI model or platform. 

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Below are the top AI models by token monthly use ranked by OpenRouter as of 31 July 2026. MiniMax M3 is one of the world’s top five most used AI models.

‍OpenRouter Rankings‍‍

OpenRouter is the largest public marketplace and ranking gateway for AI application and agent traffic. A couple of months after first appearing on OpenRouter, the performance of Minds today places our platform among the most-used and fastest-growing agentic AI applications in the world.  Note that on OpenRouter the Minds platform appears as “Hello Minds, powered by Ethoswarm” (Animoca Brands has invested in Ethoswarm). 

In terms of global usage, the leaderboard is led by Hermes Agent (28.9T total tokens), Kilo Code (7.24T), Anthropic’s Claude Code (7.14T), OpenClaw (4.66T), and Cline (2.7T). Just a few months after launch, Minds has reached a monthly token volume of 936B total tokens (source: OpenRouter for the month of July 2026; monthly token volume is the total number of tokens processed across the entire platform over a 30-day period). 

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‍Future Vision: Strategy and Roadmap‍

Our goal is for Minds to become one of the world’s premier providers of persistent autonomous AI agents.  Beyond the immediate trajectory of Minds, Animoca Brands enjoys a structural advantage at the intersection of AI agents, network technologies, and digital property rights. 

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‍Product Experience and Monetization Roadmap

• ‍Direct, agent-native transactions. Minds will soon transact directly on a Steward’s behalf. This is already underway: in July 2026, Minds completed a live pilot with Visa, using Minds agents to identify eligible cardholder rewards and complete purchases at select merchants, combining tokenized payment credentials with transaction controls (refer to the  announcement of 8 July 2026). Animoca Brands’ deep roots in blockchain technologies and ecosystems provide a basis for agentic payments that most AI companies don’t yet possess. Similarly, our experience in building institutional-grade and secure blockchain infrastructure gives us an early advantage in supporting consumer transactions, both on-chain and via crypto-enabled credit cards built for agents.‍
• Transactions as primary revenue. While cognition subscriptions from users of Minds provide base revenue, the primary scale mechanism for the Minds platform will be transaction-based fees such as travel bookings, concert ticketing, and referral splits. Example use case: you visit a new city and tell your Mind you want to go out. Your Mind identifies a range of entertainment options. You choose a music concert, and your Mind purchases the ticket directly, completing the payment using crypto or credit card. ‍
• Social agents and network effects. Minds are built to collaborate and therefore hold a structural edge as “social” agents. Under controlled conditions, Minds interact, negotiate, and execute tasks with other AI agents and humans. At mass user scale, the collaborative networking capabilities of Minds will generate significant potential for platform innovation and compounding network effects.‍
• Real-world, gaming-native frontier. Leaning into Animoca Brands’ gaming roots, we are conducting R&D into evolving Minds into a real-life, MMO-style agent experience (imagine Pokémon Go, but with agents). The velocity of blockchain-based transactions and the fact that Minds themselves are blockchain-native make the opportunity in this design space particularly interesting and highly compelling.

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‍Web3 and Infrastructure Foundation

• ‍Financial autonomy for machines. Traditional banking infrastructure cannot support billions of AI agents because of high transaction fees, processing delays, and structural and legal restrictions. Blockchain gives each Mind a digital wallet that enables continuous, fraction-of-a-cent micropayments so agents can pay each other for data, API usage, and computational power in real-time.‍
• Verified identity and accountability (Moca ID). To mitigate problems such as autonomous spam, malicious bots, deepfakes, and financial scams, on-chain identity frameworks such as Moca ID serve as a "Know Your Agent" (KYA) layer by using blockchain to provide an immutable record of an AI's origin, ownership, and history.  Blockchain lets us make agents fully accountable.‍
• Clear ownership of AI data. Blockchain turns Minds and their underlying data training sets into tokenized, user-owned assets so that humans retain digital property rights over the AI tools they build, train, or lease out. This enables users of Minds to better benefit from the economic value that AI models can generate.‍
• Passive income and creator economics. Creators and everyday users can deploy tokenized AI agents that work, create skills, generate sales leads, trade, and provide services 24/7 across global networks. This decentralized machine economy bypasses traditional financial gatekeepers, allowing individuals to retain direct ownership of their IP and earn continuous, automated revenue from their data and digital assets.

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‍Exclusive for Shareholders: Free Cognition Credit‍

Minds by Animoca Brands is a new product that is already used by thousands of users worldwide. We believe it has the potential to become one of the top personal agent platforms globally, and you can play an important role in its growth.

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We invite you to join us in building the agentic future by exploring the Minds platform. It takes just moments to create your own persistent personalized agent, which you can immediately utilize in any way you like: to build, create, generate, write, calculate, plan, scout, trade, and more. If you find it useful and interesting (we think you will) please share your experiences with your friends, family, and colleagues. ‍‍

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‍Shareholders of Animoca Brands are entitled to the exclusive benefit of a substantial amount of free cognition credits for the Minds platform. ‍

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To claim your shareholder cognition credit, please submit this form by 31 August 2026. Our team will process your claim and send you vouchers to redeem cognition credits for your Minds, enabling you to get the most out of your Minds experience.

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‍Tell Us About Your Minds‍

We would greatly appreciate to hear about your experiences with Minds. Please write to info@animocaminds.com, and join our “Agentic Builder Chat” Telegram group at https://t.me/AnimocaMindsChat for practical insights into the Minds platform, agents, capabilities, solutions, resources, and more.