Coinspeaker
Animoca Brands Raises $20 Million for Its Mocaverse Project Expansion
Hong Kong-based game software company Animoca Brands Corporation Ltd has raised as much as $20 million (approximately A$31.3 million) in a funding round led by CMCC Global, one of Asia’s first venture capital investors focused solely on blockchain technology. Animoca Brands is planning to use the funds raised to expand its Mocaverse project which aims to bring together the company’s portfolio projects, subsidiaries, joint ventures, and partners through a unique collection of non-fungible tokens (NFTs).
Other participants included Kingsway Capital, Liberty City Ventures, and GameFi Ventures, as well as individual investors like Aleksander Larsen (founder of Sky Mavis) and Gabby Dizon (founder of Yield Guild Games).
Within the funding round, Animoca Brands issued Simple Agreements for Future Equity (SAFEs) priced at A$4.50 each and offered a free-attaching utility token warrant on a 1:1 dollar basis to the participants.
Animoca Brands co-founder Yat Siu commented:
“We are deeply honored by investors’ support for Animoca Brands and its vision of decentralization. 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.”
He further added:
“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 decentralized organizations.”
Within the next six months, SAFEs will be automatically converted to ordinary shares. The number of new shares to be issued will be determined by the AUD:USD exchange rate at the time of settlement.
What Is Mocaverse by Animoca Brands?
Animoca Brands started working on the Mocaverse project last year. In December, the company launched an NFT collection of as many as 8,888 NFTs called Mocas, offered in five classifications called tribes, as the first part of Mocaverse. Each of the tribes – Dreamers, Builders, Angels, Connectors, and Neo-Capitalists – represents the diverse and complementary personalities of changemakers in the Web3 industry.
Apart from the NFT collection, Mocaverse includes various tools that make up a vibrant ecosystem. It brings together the best builders, thought leaders, and early adopters in the Web3 industry to innovate, create, and grow a supportive community. The Mocaverse ecosystem has an overall network of over 700 million potential users.
Holders of Mocaverse NFTs get access to various educational classes and seminars, they can be the first ones to test game activities and have exclusive access to in-game asset drops.
In the near future, Animoca Brands is planning to launch Moca ID – a non-transferrable NFT collection created to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem. Moca ID holders will get exclusive access to Mocaverse ecosystem experiences and be able to earn loyalty points through active engagement.
Animoca Brands Raises $20 Million for Its Mocaverse Project Expansion
