<p>Hong Kong-based Web3 firm Animoca Brands has successfully raised $20 million in a recent funding round, signaling a significant boost for its Web3 identity project, Mocaverse.</p><h2 id="header-0">CMCC Global leads funding round</h2><p>The funding,<a href="https://www.animocabrands.com/animoca-brands-raises-usd-20m-for-its-mocaverse-project" rel="noopener noreferrer nofollow"> announced</a> via a blog post published to the firm’s website on Monday, was spearheaded by CMCC Global, a Hong Kong-headquartered venture capital firm that focuses solely on blockchain-related investments. Additionally, the round saw participation from prominent investors including Kingsway Capital, Liberty City Ventures, and GameFi Ventures.</p><p>Prominent individuals within the industry also contributed, including Aleksander Larsen, Co-Founder of Sky Mavis, the developer of well-known blockchain play-to-earn game Axie Infinity, and Gabby Dizon, Founder of Yield Guild Games.</p><p>Mocaverse, Animoca Brands’ ambitious project, is dedicated to the development of Web3-native tools catering to the gaming and entertainment sectors. This funding round points to the growing recognition of Web3’s potential to transform digital identities, particularly so within the areas of gaming, culture, and entertainment.</p><h2 id="header-1">Aiming to redefine Web3 user engagement</h2><p>Mocaverse aims to redefine how users engage with these sectors by providing innovative solutions and unique experiences. One noteworthy aspect of this funding initiative is Animoca Brands’ commitment to granting investors “a free-attaching utility token warrant on a 1:1 dollar basis.” This strategic move not only bolsters investor confidence but also aligns their interests with the long-term success of Mocaverse.</p><p>The injection of capital will be instrumental in advancing the Mocaverse project, with the imminent launch of Moca ID being a key milestone. Moca ID, a non-transferrable NFT collection, empowers users to create and nurture their on-chain identities, offering exclusive access to the Mocaverse ecosystem and the opportunity to earn loyalty points through active participation.</p><p>Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, who also participated in this funding round on a personal basis, expressed his vision for Mocaverse, stating:</p><p>“The ongoing evolution 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 driving innovation and collaboration across the broader Animoca Brands ecosystem.”</p><p>Siu emphasized that Mocaverse’s scope extends beyond individual empowerment. It is poised to serve as a digital identity, reputation, and loyalty system for various decentralized organizations.</p><h2 id="header-2">Web3 thought leadership</h2><p>The Animoca Brands Co-Founder is catching the public eye with his commentary and thought leadership relative to the fledgling Web3 sector. In an<a href="https://medium.com/&#64;coinness.gl/saudi-arabia-looks-to-diversify-through-web3-b596b42a88aa" rel="noopener noreferrer nofollow"> interview</a> last week, Siu voiced his belief that Saudi Arabia is proactively nurturing blockchain gaming, revealing that Animoca itself has partnered with the Gulf state on a Web3-related project.</p><p>Giving a keynote speech at the Ethereum Community Conference (EthCC) in Paris in July, he voiced his<a href="https://medium.com/coinmonks/yat-siu-hong-kongs-crypto-adoption-sanctioned-by-the-mainland-b314df593fb1" rel="noopener noreferrer nofollow"> opinion</a> that Hong Kong’s recent crypto development has been sanctioned by mainland China.</p><p>The $20 million raised signifies a significant stride toward realizing the potential of Web3 technology in shaping the future of gaming, culture, and entertainment. With Mocaverse at the forefront, Animoca Brands is poised to attempt to create a vibrant ecosystem where users can actively engage, redefine their digital identities, and unlock new economic opportunities, all within a collaborative and decentralized framework.</p>

Animoca Brands Secures Funding to Expand Web3 Identity Project

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