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, co-founder and CEO of Animoca Brands, said the DAO-based approach of the project puts the 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 nontransferable 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 venture capital investors in the blockchain space, along with Sky Mavis founder Aleksander Larsen and the founder of Yield Guild Games founder Gabby Dizon, among others.