It would make sense that Animoca have been working with Blowfish...

It would make sense that Animoca have been working with Blowfish as most of Animoca's acquisitions involve some type of prior relationship. Hopefully it is the case, because developing decent blockchain games can take 2+ years. The performance payments might indicate that the co-developed games will hit the market latter end of this year/ early next year, but can't read too much into the quotes as a lot of it could be spin.

Blowfish MD is interviewed here:
https://www.byteside.com/2020/03/ben-lee-blowfish-studios-game-dev-high-resolution-podcast-interview/

They've been operating for over a decade. Began with the two co-founders and now have 30+ staff. Doesn't look like they've ever looked to secure external funding. They appear to be a run of the mill SME that has grown organically and, therefore, likely to be generating a small profit.

They’ve had some successes, but no major hits. Seem to have a decent reputation - repeat customers and clients seek them out. Nothing to indicate that they have any blockchain capabilities. Have built their own internal tools, servers and backend for multiplayer and doing cross-platform multiplayer, user-generated content.

Total cost could be A$35m if they hit all earnouts. This is a huge amount for a small indie game developer/publisher. Earnouts and loyalty bonus seem excessive, but it all depends on what the profitability targets are. Animoca are not in the business of paying over the odds for duds, so they clearly see potential.

If we presume that Animoca has co-developed two or more blockchain games with Blowfish, then $35m might look a bargain in a few years time.

My personal view is that Animoca are aware that they need more studio talent if they are to consistently develop top-rated games. Blowfish will accelerate the path to achieving this.

They raised the huge sums of money for a reason. Great to see them use a small portion of it on a game studio.