Animoca Brands Raises $11.88 Million Funding to Expand Mocaverse NFT Project

Published: December 08, 2023 at 3:31 am Updated: December 08, 2023 at 3:31 am

Edited and fact-checked:
December 08, 2023 at 3:31 am

In Brief

Animoca Brands raised $11.88 million for Mocaverse to establish a digital identity and points system for Web3 games, culture, and entertainment.

Animoca Brands Raises $11.88 million For Mocaverse Development

Digital property and open metaverse company Animoca Brands announced the completion of a second round of funding, raising $11.88 million for its NFT project Mocaverse. Participants in the investment round included Block1, OKX Ventures, Foresight Ventures, Polygon Ventures and Dapper Labs, among others.

Animoca Brands said the funds will be utilized to promote Mocaverse, with the goal of establishing a digital identity and points system for Web3 games, culture, and entertainment.

The new investment brings the total financing for the project to $31.88 million, following a prior tranche investment of $20 million announced earlier this year.

Frequent Player Program to Revolutionize Mocaverse Loyalty System

Currently, Mocaverse is in the process of developing the Web3 Frequent Player Program, a loyalty system fueled by Mocaverse loyalty points known as “Realm Points.” The system is designed to be a decentralized and interoperable loyalty framework, facilitating third-party adoption and integration of Moca ID.

The recently introduced Moca ID is intended to function as a digital passport, enabling users to access the benefits offered by Mocaverse’s Web3 Frequent Player Program. Moca ID holders will have the opportunity to accumulate Realm Points by actively participating in the Mocaverse ecosystem, then redeeming the points to access real-world benefits.

Mocaverse aims to function as an interoperable meta experience layer for Web3 identity, social interactions, and growth. Users will have the ability to establish their digital identity, build reputation, and earn and spend Realm Points by engaging within the Mocaverse ecosystem.

In a recent development, Animoca Brands disclosed a $50 million investment from the sovereign wealth fund NEOM Investment Fund of Saudi Arabia. The two entities have also entered into a partnership with the objective of developing robust Web3 enterprise service solutions anticipated to have a global commercial impact.

Culminating in substantial financial backing and collaborative initiatives, these developments underscore Animoca Brands’ strategic efforts to advance digital property rights and establish a significant presence in the evolving landscape of Web3.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson