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Gaming and Web3 company Animoca Brands has announced the completion of a funding round on September 11th to expedite the development of the Mocaverse platform. Animoca has raised $20 million to advance its project “Mocaverse,” which aims to create an identity and scoring system for Web3 games, culture, and entertainment.
Moca ID Released to Users’ Delight
Yat Siu, co-founder and CEO of Animoca Brands, stated that the project’s DAO-based approach prioritizes community collaboration throughout the entire Animoca ecosystem. He also emphasized that it will serve as a digital identity, reputation, and loyalty system for other decentralized organizations.
Moca ID, which will take the form of an irrevocable and non-transferable NFT collection, will allow users to create a digital identity, gain reputation, earn loyalty points, and spend them. The funding round was led by CMCC Global, one of Asia’s first and primary VC investors in the blockchain space, along with Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games, among other investment rounds.
Catering to Over 700 Million Users
Moca ID will also be used to access a larger ecosystem consisting of over 450 companies in Animoca’s portfolio. According to the announcement, this translates to access to a network of over 700 million users. Martin Baumann, co-founder of CMCC Global, said:
“The project will become a portal for thousands of new users to access Web3 and metaverse ecosystems within the Animoca Brands ecosystem.”
This development comes after a period of waning interest in the metaverse space. The metaverse sector, which generated significant excitement in 2022, lost its focus in the following year due to emerging technologies such as artificial intelligence (AI). However, it continues to offer opportunities for connectivity in the digital realm. Julian Assange, the founder of Wikileaks, organized a political rally in the metaverse universe against his extradition on August 26th. In July, the British Museum and Sandbox museum partnered to bring the digital world to life.