Animoca Brands, a gaming and Web3 company, has announced the successful closure of a funding round on September 11, raising $20 million. This funding will be utilized to accelerate the development of its Mocaverse platform, a project aimed at establishing an identity and points system for Web3 games, culture, and entertainment.
The Mocaverse project is designed with a DAO-based approach, prioritizing community involvement and collaboration within the Animoca ecosystem. Beyond gaming, it will function as a digital identity, reputation, and loyalty system for various decentralized organizations.
Moca ID, a key component of the Mocaverse platform, will comprise a collection of non-transferable non-fungible tokens (NFTs). These tokens will enable users to establish a digital identity, accumulate reputation, and earn and spend loyalty points within the ecosystem.
The funding round was led by China Mobile International, a significant venture capital institution in the blockchain field in Asia. Other notable investors include Aleksander Larsen, the founder of Sky Mavis, and Gabby Dizon, the founder of Yield Guild Games.
The Moca ID system will also grant access to Animoca's extensive ecosystem, which encompasses over 450 companies. This network represents more than 700 million user addresses, making it a substantial gateway to the Web3 and Metaverse ecosystem.
The development of Mocaverse comes at a time when the Metaverse has seen a resurgence of interest, offering opportunities for connectivity and digital engagement. Although the Metaverse initially gained substantial attention in 2022, it temporarily waned but remains a promising space for digital experiences and interactions.
