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Web3 Innovator Animoca Brands Secures $20M for Mocaverse Development

Animoca Brands nabs $20M, advancing Mocaverse, aiming to redefine Web3 gaming and digital entertainment.

Fri, 15 Sep 2023, 10:44 am UTC

Animoca Brands, a prominent player in Web3 and gaming, successfully completed a funding round on September 11, amassing $20 million. The funds are earmarked for the enhancement of their ambitious Mocaverse platform, which aims to become the core identity and scoring system for digital gaming, entertainment, and culture.

Yat Siu, the CEO and co-founder of Animoca Brands, highlighted the unique community-centric, DAO-based design of the Mocaverse platform. It's designed to promote collaboration throughout the expansive Animoca environment. Furthermore, it's intended to function as the go-to digital system for identity, loyalty, and reputation for various decentralized entities.

The centerpiece of this initiative is the Moca ID. Crafted as an exclusive collection of nontransferable NFTs, this ID facilitates users in forging a digital persona. Through it, they can amass reputation and navigate the intricacies of earning and spending loyalty points.

CMCC Global, a pioneering venture capital entity in the Asian blockchain arena, spearheaded the funding initiative. Other notable contributors include Aleksander Larsen of Sky Mavis and Gabby Dizon, the brain behind Yield Guild Games.

This Moca ID offers a gateway to an expansive ecosystem, incorporating over 450 companies linked to Animoca Brands. Per company reports, this vast network potentially connects with over 700 million user addresses.

Martin Baumann, the other half of CMCC Global's foundation, voiced his support. He articulated that this project aims to seamlessly integrate the unique ensemble of companies under the Animoca Brands banner, potentially introducing hundreds of millions to the expanding domains of Web3 and the metaverse.

In a twist of events, 2023 saw the once-dominant metaverse cede its spotlight to rising stars like artificial intelligence. Yet, the potential of the metaverse remains undiminished. For instance, the British Museum recently joined forces with The Sandbox in July to recreate its experience digitally. Additionally, Wikileaks' Julian Assange leveraged the metaverse's capabilities for a political event against his extradition in late August.

With the rise and shifts in the digital universe, companies like Animoca Brands continue to carve out their space, pushing the boundaries of what's possible.

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