Animoca Brands raises $20 million to expand web3 identity project Mocaverse

Animoca Brands, a Hong Kong-based web3 investor focused on gaming and the metaverse, raised $20 million through the issuance of new ordinary shares for Mocaverse, a project that’s building web3-native tools for gaming and entertainment products.

Animoca said today in a statement that it envisions Mocaverse as the identity and point system for web3 gaming, culture and entertainment. 

The funding round was led by CMCC Global, with the participation of investors including Kingsway Capital, Liberty City Ventures and GameFi Ventures. Some business figures such as Aleksander Larsen, co-founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games, also contributed to the funding round. 

As part of the raise, Animoca has granted to the investors “a free-attaching utility token warrant on a 1:1 dollar basis,” according to the statement.

ID system

Aniomca said that it plans to use the new capital to boost the Mocaverse project, which is expected to soon launch Moca ID — a non-transferrable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem. 

“Moca ID holders will gain exclusive access to Mocaverse ecosystem experiences and will have the unique opportunity to earn loyalty points through active engagement,” the company said.

Yat Siu, Animoca Brand’s co-founder and executive chairman, who also participated in the round, said, “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.” 

“In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations,” Siu added.