Animoca Brands, a venture capital firm with a specialization in the metaverse and gaming, has successfully secured $20 million in funding to bolster its Web3-centric project, Mocaverse.
As detailed in the official statement, the investment round saw leadership from CMCC Global, a venture capital enterprise with a deep focus on blockchain and Web3 technologies. Several notable participants joined the round, including Kingsway Capital, Liberty City Ventures, GameFi Ventures, and renowned individuals such as Aleksander Larsen, the brain behind Sky Mavis, and Gabby Dizon, the founder of Yield Guild Games. Institutional investors from Koda Capital were also part of this fundraising initiative.
Additionally, Yat Siu, who holds the position of executive chairman and is a co-founder of Animoca Brands, made a financial contribution in this investment round.
Commenting on Mocaverse, Martin Baumann, co-founder of CMCC Global, expressed:
Mocaverse is poised to “act as a cohesive force by integrating the diverse range of companies under the Animoca Brands canopy. Furthermore, it’s envisioned as a gateway for a vast influx of users — potentially hundreds of millions — facilitating their foray into the Web3 and metaverse domains.”
In the course of this fundraising, Animoca Brands opted for the issuance of Simple Agreements for Future Equity (SAFEs) at a designated share price of $2.89. These SAFEs are structured to automatically transition into standard shares after a duration of six months.
Additionally, as a part of this financial arrangement, the investors were granted a utility token warrant, appended without extra charges. The provision is on a dollar-for-dollar (1:1) basis and comes with a vesting period extending over 30 months, as detailed by the company.
Non-transferrable NFT Collection Coming Soon
Animoca Brands has earmarked the recently raised funds for the progression of its Mocaverse initiative. The primary areas of focus for the capital infusion are product development, bolstering Web3 adoption, and cultivating new collaborations. These strategies aim to “amplify the gaming, culture, and entertainment environment encompassing Animoca Brands’ extensive portfolio, which boasts approximately 450 investments in Web3-oriented firms and endeavors.”
Based on details from its official website, Mocaverse is represented by a unique non-fungible token (NFT) collection featuring 8,888 distinct characters, referred to as Mocas. These characters are distributed among five distinct tribes.
The overarching goal of Mocaverse is to grant its community members the ability to fashion digital personas, accrue reputation, earn and utilize loyalty points, and seamlessly transfer their digital identity within the expansive Mocaverse ecosystem.
Encapsulating the essence of the project, the official statement notes:
“Animoca Brands perceives Mocaverse as the quintessential identification and scoring mechanism for the domains of Web3 gaming, culture, and entertainment.”
Mocaverse is gearing up to introduce ‘Moca IDs’, a unique non-transferable NFT collection. This initiative is crafted to allow users to maintain a singular identity throughout various platforms under the umbrella of Animoca Brands.
Those in possession of a Moca ID will be privy to special access within the Mocaverse, partaking in exclusive experiences. Moreover, their active involvement will be rewarded with loyalty points.
According to the press release, these loyalty points form the backbone of a loyalty system that is permissionless, interoperable, and increasingly adopts a decentralized framework. This setup is meticulously designed to pave the way for third-party players to seamlessly integrate and adopt the Moca ID into their respective ecosystems.
Yat Siu, a leading figure at Animoca Brands, has presented a compelling viewpoint on Mocaverse’s trajectory.
He believes that “By employing a DAO (Decentralized Autonomous Organization) methodology, Mocaverse guarantees a community-centric orientation. This will predominantly emphasize spearheading innovation and fostering synergies throughout the expansive Animoca Brands ecosystem.”
In Siu’s perspective, Mocaverse is set to curate an environment where users actively engage in a communal setting, catalyzing the birth of novel economic prospects. He further envisions Mocaverse to act as the bedrock for digital identity, reputation, and a loyalty system, extending its services and utility to a myriad of decentralized entities.