April 19, 2024
AI

Mocaverse: Animoca Brands’ $20 Million Boost for Web3 Identity and Points System

On September 11, Animoca Brands, a prominent gaming and Web3 company, announced the successful conclusion of a funding round aimed at expediting the development of its Mocaverse platform. The company secured $20 million in funding, a significant milestone in its mission to advance the Mocaverse initiative, designed to serve as the cornerstone for identity and point systems in Web3 gaming, culture, and entertainment.

Yat Siu, Animoca Brands’ co-founder and CEO, underscored the project’s DAO-based approach, emphasizing its commitment to community collaboration across the entire Animoca ecosystem. He also highlighted its role as ‘the digital identity, reputation, and loyalty system for other decentralized organizations.’

Moca ID, structured as a non-transferable nonfungible token (NFT) collection, empowers users to establish a digital identity, accumulate a reputation, and earn or spend loyalty points.

Leading the funding round was CMCC Global, a pioneering VC investor in the blockchain sector based in Asia. Other key participants included Aleksander Larsen, the founder of Sky Mavis, and Gabby Dizon, the founder of Yield Guild Games. The Moca ID will also provide access to Animoca’s extensive portfolio of over 450 companies, granting users entry into a vast network boasting more than 700 million user addresses.

Martin Baumann, co-founder of CMCC Global, highlighted the project’s unifying role within the Animoca Brands ecosystem, envisioning it as a gateway for hundreds of millions of new users to explore Web3 and metaverse ecosystems.

This development follows a period of reduced attention to the metaverse, which, after experiencing significant hype in 2022, ceded the spotlight to emerging technologies like artificial intelligence (AI) in the subsequent year. Nevertheless, the metaverse continues to offer opportunities for digital connectivity. Notably, Wikileaks founder Julian Assange organized a political rally in the metaverse on August 26 to protest his extradition.

In a related initiative, the British Museum and the Sandbox joined forces in July to bring the museum into the digital realm, underscoring the enduring significance of the metaverse in the ever-evolving landscape of digital experiences.

Image by freepik

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