Multiples are also influenced by cash burn, quality of revenue, market opportunity etc. Income from token sales is very poor quality, for example, which doesn't even justify a multiple. Service revenue is also lower quality, whereas game playing revenue would be higher quality.
Remember that Animoca also has assets, which would form a significant part of its valuation.
Given the stink around Web3 atm, if Animoca were to IPO now, the valuation would likely be less than the fair value of its assets. Fortunately, there doesn't appear to be any urgent need to list.
