Animoca Brands Achieves IDR 307 Billion For Mocaverse Platform Development On Web3"

Yat Siu, co-founder and CEO of Animoca Brands, (photo: twitter @animocabbrands)

JAKARTA - On September 11, Gaming and Web3, Animoca Brands, announced the closing of the funding round to accelerate the development of its Mocaverse platform.

Animoca managed to raise 20 million US dollars (Rp307 billion) in an effort to realize the Mocaverse project as an identity and point system for Web3 games, culture and entertainment.

Yat Siu, co-founder and CEO of Animoca Brands, said the DAO-based approach to the project places the community as a priority to enable collaboration across the Animoca ecosystem.

He stressed that this will also serve as a "digital identity, reputation, and loyalty system for other decentralized organizations."

Moca ID, which will be in the form of a nonfungible token collection (NFT) that cannot be moved, will allow users to create digital identities, "collect reputation, get and spend loyalty points."

The funding round is led by CMCC Global, one of the first and first venture capital investors in the blockchain space in Asia, alongside Sky Mavis founder Aleksander Larsen and founder of Yield Guild Games, Gabby Dizon, and others.

This ID will also be used to access a larger ecosystem consisting of more than 450 companies in the Animoca portfolio. According to the announcement, the network represents more than 700 million user addresses.

"This project will unite the company's unique portfolio in the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access the Web3 and metaverse ecosystems," said Martin Baumann, co-founder of CMCC Global, quoted by Cointelegraph.

This development comes after a period of decreasing attention to the metaverse. With much attention in 2022, the metaverse has lost its spotlight on new technologies such as artificial intelligence in 2023.

However, the metaverse still provides opportunities for connections in the digital realm. Wikileaks founder Julian Assange held a political meeting in the metaverse against extradition on August 26. Back in July, the British Museum and The Sandbox partnered to bring the museum into the digital realm.