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Animoca Brands, a vocal proponent of the Web3 open metaverse, has raised $20 million in funding for its flagship initiative, Mocaverse. This funding round was spearheaded by CMCC Global, a venture capital firm specializing in blockchain and Web3 investments, with participation from other prominent investors. The capital infusion is earmarked to accelerate the development of Mocaverse, expand its ecosystem, and drive the adoption of Web3 technology.
Mocaverse, conceived by Animoca Brands, aspires to become the foremost identity and point system for Web3 gaming, culture, and entertainment. The project is diligently crafting Web3-native tools that empower users to craft their digital personas, build their reputations, accumulate and utilize loyalty points, and seamlessly access the Mocaverse ecosystem.
With an extensive portfolio featuring over 450 investments in Web3 companies and projects, Animoca Brands is uniquely positioned to seed the Mocaverse ecosystem with a vast network comprising more than 700 million potential users.
“We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralization,” Yat Siu, the Executive Chairman of Animoca Brands, expressed deep appreciation for the support from investors, stating, “The ongoing transformation 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 fostering innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to actively engage in a dynamic community that creates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralized organizations.”
As part of this funding round, Animoca Brands is set to unveil Moca ID, a non-transferable non-fungible token (NFT) collection. Moca ID will enable users to craft their on-chain identities and actively participate in the Mocaverse ecosystem. Holders of Moca ID will enjoy exclusive access to unique experiences within the ecosystem and will have the opportunity to earn loyalty points through their engagement. These loyalty points will fuel a decentralized and interoperable loyalty system, facilitating third-party adoption and integration of Moca ID to advance the accessibility and growth of Web3.
CMCC Global, renowned for its early investments in leading blockchain projects such as Ethereum, Solana, and Cosmos, expressed enthusiasm about leading this initial funding round into Mocaverse. Martin Baumann, Co-founder of CMCC Global, emphasized the project’s potential to unify Animoca Brands’ diverse portfolio of companies and serve as a gateway for millions of new users to enter the realms of Web3 and the metaverse.
The funding was secured through the issuance of Simple Agreements for Future Equity (SAFEs) at a price of A$4.50 per share. After a six-month period, the SAFEs will automatically convert into ordinary shares. Additionally, participating investors were granted free-attaching utility token warrants on a 1:1 dollar basis, subject to a vesting schedule of 30 months.
In January 2022, Animoca Brands raised $358.8 million at a pre-money valuation of $5 billion. Just three months after raising $65 million at a valuation of $ 2.2billion.
In addition, recently Google updated its ad policy and opened its doors to NFT games.
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