The gaming and Web3 company Animoca Brands announced on Sept. 11 the closing of a funding round to accelerate the development of its Mocaverse platform.
Animoca raised $20 million in an effort to push forward its goal of building out the “Mocaverse” project to be the identity and point system for Web3 gaming, culture and entertainment.
Yat Siu, the co-founder and CEO of Animoca Brands said the DAO-based approach of the project put community first to allow collaboration across the entire Animoca ecosystem.
He highlighted that it will also serve as “the digital identity, reputation and loyalty system for other decentralized organizations.”
Moca ID, which will take the form of a non-transferable nonfungible token (NFT) collection will allow users to create a digital identity, “accrue reputation, earn and spend loyalty points.”
The funding round was led by CMCC Global, one of Asia’s first and primary VC investors in the blockchain space, along with the founder of Sky Mavis Aleksander Larsen and the founder of Yield Guild Games Gabby Dizon, among others.
Related: Meta sinks $3.7B in metaverse money pit as CEO eyes Threads user retention
The ID will also be used to access the larger ecosystem which makes up over 450 companies in Animoca’s portfolio. According to the announcement, this would be access to a network of over 700 million user addresses.
Martin Baumann, the co-found of CMCC Global said:
“The project will unify the unique portfolio of companies within the Animoca Brands umbrella… [becoming] a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems.”
EdaFace reached out to Animoca Brands for additional information on its plans to develop digital IDs for Web3.
This development comes after a period of decreased attention to the metaverse. With a huge hype in 2022, the following year the metaverse lost the limelight to emerging technologies like artificial intelligence (AI).
Nonetheless, it continues to hold opportunities for connection in the digital realm. Wikileaks founder Julian Assange held a political rally in the metaverse against his extradition on Aug. 26.
Back in July the British Museum and the Sandbox partnered to bring the museum into the digital realm.
Magazine: NFT collapse and monster egos feature in new Murakami exhibition