cryptonews.com
Animoca Brands, a metaverse and gaming venture capital firm, has raised $20 million to expand its Web3 identity project Mocaverse.
According to the press release, the funding round was led by blockchain- and Web3-focused venture capital company CMCC Global, with other investors including Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (Sky Mavis founder), Gabby Dizon (Yield Guild Games founder), Koda Capital institutional investors, and others.
Yat Siu, the executive chairman and co-founder of Animoca Brands, participated in the round as well.
Speaking of the project, Martin Baumann, the co-founder of CMCC Global, said that,
Mocaverse "will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems."
As part of the raise, Animoca Brands issued Simple Agreements for Future Equity (SAFEs) at a price per share of $2.89. The SAFEs will be automatically converted to ordinary shares after six months.
It also gave the investors a free-attaching utility token warrant on a 1:1 dollar basis with a 30-month vesting schedule, it said.
Non-transferrable NFT Collection Coming Soon
Animoca Brands said that the new capital will be used to advance the Mocaverse project. This comprises product development, Web3 adoption, and forming new partnerships to "expand the gaming, culture and entertainment ecosystem of Animoca Brands’ portfolio of approximately 450 investments in Web3 companies and projects."
Per the website, Mocaverse is the membership non-fungible token (NFT) collection of 8,888 characters called Mocas, each belonging to one of five tribes.
Mocaverse aims to enable its participants to create digital identities, gain reputation, earn and spend loyalty points, and use their digital identity across the Mocaverse ecosystem.
Per the announcement,
"Animoca Brands envisions Mocaverse as the identity and point system for Web3 gaming, culture, entertainment."
Mocaverse will soon launch 'Moca IDs' - a non-transferrable NFT collection designed to enable users to have one identity across Animoca Brands' platforms.
Moca ID holders, the company said, will gain exclusive access to Mocaverse experiences and will earn loyalty points through active engagement.
The loyalty points will drive a permissionless, interoperable, and increasingly decentralized loyalty system, in order to enable third-party adoption and integration of Moca ID, said the press release.
Animoca Brands' Yat Siu argued that,
"The DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem."
Mocarverse, he opined, will see users participate in a community that generates new economic opportunities and will serve as the digital identity, reputation, and loyalty system for other decentralized organizations.
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Learn more:
- Web3 Neobank 'hi' Secures $30 Million Investment from Animoca Brands to Strengthen NFT Utility
- Crypto Struggles Are Predominantly North American, Says Animoca Brands CEO
- Animoca's Yat Siu on the Future of the Metaverse
- What is the Metaverse?