Animoca Brands has announced the successful completion of a funding round to accelerate its ambitious Mocaverse project.
The company achieved the feat of $20 million by issuing new ordinary shares which will offer investors a reward ratio of 1:1 on a dollar basis.
Mocaverse is a decentralized metaverse designed to enable users to craft their unique digital identities, build their reputation, and utilize loyalty points.
It’s designed to act as a gateway for users to explore an array of blockchain-based games, applications, and services.
Animoca Brands is a global firm that is focused on digital entertainment, blockchain, and gamification.
It has shown its commitment to advancing digital property rights and contributing to the establishment of the open metaverse through investors in various projects in the industry such as Formula E, Axie Infinity, Decentraland, Immutable X, and more.
CMCC Global leading the funding
According to Animaco Brand, the funding round was led by CMCC Global, a renowned venture capital firm specializing in blockchain and Web3 investments.
Alongside CMCC are Kingsway Capital, Liberty City Ventures, GameFi Ventures, and other prominent Web3 angel investors.
Furthermore, it said that Mocaverse has a plan to launch Moca ID, a non-transferable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem.
With this new identity system, Moca ID holders will enjoy exclusive access to various Mocaverse experiences and earn loyalty points through active engagement.
Future expansion of the digital world
Yat Siu, co-founder and executive chairman of Animoca Brands, said that Mocaverse’s DAO-based approach will empower its community to drive innovation and collaboration across the broader Animoca Brands ecosystem.
Mocaverse will also serve as a digital identity, reputation, and loyalty system for other decentralized organizations.
Mocaverse represents a significant step forward in the development of the open metaverse, and Animoca Brands continues to play a pivotal role in shaping the future of digital entertainment and blockchain technology.
Martin Baumann, co-founder of CMCC Global, expressed his excitement about leading the initial funding round for Mocaverse, a project by Animoca Brands.
He said that the endeavor seeks to unify Animoca Brands’ diverse portfolio of companies, acting as a gateway for millions of new users to enter the Web3 and metaverse realms.
“At CMCC Global, we look to support innovative founders who are pushing the boundaries of our industry. We are excited to be supporting the Animoca Brands team once again as they venture into the Mocaverse.”
In pursuant to its vision, Animoca Brands entered a $30 million partnership with hi, a Web3 financial super app in July. The company said that the collaboration aims to enhance the utility of fungible and non-fungible tokens (NFTs) in the Web3 industry.
