Animoca Brands has successfully concluded a funding round aimed at propelling the development of its Mocaverse platform, a significant step toward creating digital identities and a point system within the realm of Web3, encompassing culture, gaming, and entertainment.
In a recent announcement on September 11, gaming and Web3 pioneer, Animoca Brands, revealed the successful closure of a funding round, securing an impressive $20 million. The primary objective behind this funding drive is to fast-track the expansion and enhancement of its ambitious “Mocaverse” initiative. This groundbreaking project is envisioned to serve as the foundational identity and point system for the burgeoning Web3 landscape, encompassing gaming, cultural experiences, and entertainment.
Yat Siu, the co-founder and CEO of Animoca Brands, emphasized the project’s commitment to a DAO-based approach, which places the community at the forefront. This approach is designed to foster collaboration across the entire Animoca ecosystem. Siu highlighted that the Mocaverse project will not only function as a digital identity, reputation, and loyalty system within its ecosystem but also extend its services to support other decentralized organizations.
One of the central components of the Mocaverse initiative is “Moca ID,” which will take the form of a non-transferable nonfungible token (NFT) collection. Moca ID will empower users to establish their digital identities, accumulate reputation, and earn as well as utilize loyalty points. The funding round received strong backing from CMCC Global, a leading venture capital investor in the blockchain space in Asia, as well as prominent figures like Aleksander Larsen, the founder of Sky Mavis, and Gabby Dizon, the founder of Yield Guild Games, among others. This digital identity will also grant access to Animoca’s extensive portfolio of over 450 companies, offering users access to a network spanning more than 700 million user addresses.
Martin Baumann, co-founder of CMCC Global, underscored the significance of the project, emphasizing that it will unify Animoca Brands’ diverse portfolio of companies, serving as a gateway for millions of new users to enter the Web3 and metaverse ecosystems.
Animoca Brands plans for digital IDs in the Web3 sphere. This development unfolds at a time when the metaverse has experienced varying levels of attention. After experiencing a surge in hype in 2022, the metaverse temporarily took a back seat to emerging technologies such as artificial intelligence (AI) in the subsequent year. Nevertheless, the metaverse continues to offer opportunities for digital interaction. For instance, Wikileaks founder Julian Assange organized a political rally in the metaverse to protest his extradition on August 26.
Earlier in July, the British Museum and The Sandbox joined forces to bring the museum into the digital realm, further exemplifying the evolving nature of digital experiences in the modern era.