Animoca Brands Secures Funding for Web3 Platform

Animoca Brands, a prominent player in the blockchain and gaming sectors, has successfully raised an additional $10 million to further develop its Web3 platform, Mocaverse. This funding is part of a larger capital raise totaling $41.8 million, aimed at enhancing the platform's capabilities and promoting mass adoption of Web3 technologies.

Key Takeaways

• Animoca Brands has raised an additional $10 million for its Mocaverse platform.

• The funding round was backed by notable investors including OKX Ventures and CMCC Global.

• Mocaverse aims to facilitate the mass adoption of Web3 and enhance interoperability.

• The platform features a unique collection of 8,888 non-fungible tokens (NFTs).

Funding Details

The recent funding round attracted significant interest from investors, including:

• OKX Ventures

• CMCC Global

• HongShan

• Republic Crypto

• Kingsway Capital

This investment structure includes a free-attaching warrant for the MOCA Coin utility token, which is valued at an implied fully diluted value of $1 billion. The funds raised will be utilized to accelerate the development of Mocaverse, which is designed to promote digital property rights and interoperability within the Web3 ecosystem.

Vision For Web3

Yat Siu, co-founder and executive chairman of Animoca Brands, expressed optimism about the future of Mocaverse, emphasizing its role in driving decentralization and shared network effects across the broader Web3 landscape. He stated, "The raise announced today features participation from esteemed and strategically important investors, and we are honored by this level of support as we work to advance digital property rights, interoperability, and the evolution of the Internet into more equitable decentralized systems."

The Role of NFTs

Mocaverse is not just a platform; it represents a collection of 8,888 unique NFTs, each embodying distinct digital identities. These NFTs are integral to the platform's mission of fostering a community that values digital ownership and cultural identity. Siu highlighted that NFTs are evolving beyond mere collectibles to become essential tools for protecting creators' rights and enhancing user engagement.

Future Prospects

Animoca Brands is committed to expanding its influence in the Web3 space, with plans to:

1. Enhance user onboarding to bring crypto to millions.

2. Develop a reputation layer within Mocaverse to build trust among users.

3. Explore educational initiatives to address issues like the student loan crisis through Web3 solutions.

The company is also actively involved in creating a stablecoin framework in Hong Kong, which aims to bridge the gap between Web2 and Web3, facilitating easier transitions for users.

Conclusion

With this latest funding, Animoca Brands is poised to make significant strides in the Web3 arena, leveraging its expertise and investor support to create a more inclusive and decentralized digital economy. The future of Mocaverse looks promising as it aims to redefine digital ownership and community engagement in the evolving landscape of blockchain technology.

Sources

• Animoca Brands secures additional $10m for web3 platform Mocaverse, crypto.news.

• Business trends: Yat Siu, Founder and Executive Chairman of Animoca Brands - The Future of Hong Kong Web3 Lies in Building a Sustainable Digital Asset Environment, StreetInsider.