Animoca Brands Secures $20 Million to Boost Development of Mocaverse Platform and Digital Identity System
Summary:
Animoca Brands raises $20 million in funding to accelerate the development of its Mocaverse platform, aiming to establish a comprehensive Web3 gaming, culture, and entertainment ecosystem. The project includes a digital identity and loyalty system, powered by nonfungible tokens (NFTs). This funding round was led by CMCC Global, with participation from industry experts. The platform will grant users access to Animoca's vast network of companies and millions of user addresses. The initiative holds promise in the evolving metaverse landscape.
Animoca Brands, a gaming and Web3 company, has successfully concluded a funding round aimed at expediting the development of its Mocaverse platform. The company raised $20 million to advance its vision of creating a comprehensive Web3 gaming, culture, and entertainment ecosystem known as the Mocaverse. Yat Siu, CEO and co-founder of Animoca Brands, emphasized the project's community-centric approach, as well as its potential to serve as a digital identity, reputation, and loyalty system for decentralized organizations. Moca ID, a non-transferable nonfungible token (NFT) collection, will grant users the ability to establish a digital identity, accumulate reputation, and earn and redeem loyalty points. The funding round was led by CMCC Global, an influential VC investor in Asia's blockchain space, alongside notable industry figures such as Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games. By utilizing Moca ID, individuals will gain access to Animoca's vast ecosystem, consisting of over 450 companies and a network of more than 700 million user addresses. Martin Baumann, co-founder of CMCC Global, expressed excitement about the initiative, stating that it would serve as a gateway for millions of new users to access Web3 and metaverse ecosystems. Animoca Brands was contacted by Cointelegraph for further details regarding its plans for developing digital IDs for Web3. Despite a decline in metaverse attention in recent years, there remain numerous opportunities for digital connections, with examples such as Julian Assange hosting a political rally in the metaverse to protest extradition and the British Museum partnering with the Sandbox to bring the museum online in July.
Published At
9/11/2023 12:03:15 PM
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