September 12, 2023

Animoca Brands Secures $20 Mln for Mocaverse Web3 Project

Animoca Brands' Mocaverse

Animoca Brands’ Mocaverse

Animoca Brands, which strongly supports the Web3 open metaverse, recently announced that it has secured $20 million for its main project, Mocaverse.

The funding round was headed by CMCC Global, a venture capital firm concentrating on blockchain and Web3 investments, and other prominent investors participated. The money will be utilized to speed up the growth of Mocaverse, widen its ecosystem, and promote Web3 adoption.

Animoca Brands has envisioned Mocaverse as a platform to serve as the identity and point system for Web3 gaming, culture, and entertainment. Their goal is to create Web3-native tools that enable users to establish their digital identities, build reputation, earn and use loyalty points, and access the Mocaverse ecosystem.

With over 450 investments in Web3 companies and projects, Animoca Brands has the unique advantage of having a network of more than 700 million potential users to help establish the Mocaverse ecosystem.

In a statement, Yat Siu, the executive chairman of Animoca Brands, said: “We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralization. The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem.”

As part of its funding round, Animoca Brands intends to launch Moca ID, a collection of non-transferrable NFTs enabling users to create their own on-chain identities and actively participate in the Mocaverse ecosystem.

Moca ID holders will receive special access to unique experiences within the ecosystem and can earn loyalty points through engagement. These loyalty points will power a decentralized and interoperable loyalty system, allowing third-party adoption and integration of Moca ID to promote the accessibility and growth of Web3. CMCC Global is renowned for its early investments in top blockchain projects like Ethereum, Solana, and Cosmos.

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