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November 11, 2024 10:19 PM – Animoca Brands, a leading digital property rights champion for the open metaverse, has announced a successful $10 million funding round for Mocaverse, its innovative platform designed to drive Web3 mass adoption. This latest investment brings the total funding secured for Mocaverse to nearly $42 million, following previous investments of $31.88 million announced in 2023. This new tranche underscores the growing confidence in Mocaverse's potential to revolutionize digital interactions and ownership.
This funding round saw participation from prominent investors, including OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, and Kingsway Capital, among others. The investment structure mirrors previous rounds, including a free-attaching warrant for the MOCA Coin utility token at an implied fully diluted valuation (FDV) of $1 billion.
Mocaverse: Building the Foundation for an Interoperable Web3
Mocaverse is focused on developing the crucial infrastructure layer for consumer crypto adoption, centering on Account, Identity, and Reputation systems. This includes the Realm SDK, a powerful and interoperable software development kit (SDK) empowering partners to build their own reputation-based ecosystems. These ecosystems, and their corresponding app experiences, are designed for seamless interoperability with other ecosystems built on the Moca Network.
A key component of this infrastructure is Moca ID, a pilot on-chain identity system launched earlier this year. Moca ID has already seen impressive adoption, with over 1.79 million registrations and more than 160 Web3 activations launched with partners like Pixels, BLOCKLORDS, Trust Wallet, and OKX Wallet.
Driving Web3 Adoption Through Strategic Partnerships
Mocaverse is actively expanding the Moca Network and driving consumer crypto adoption by forging strategic partnerships with large user-base ecosystems. Recent partnerships with Anime Foundation, MyAnimeList, and One Football aim to onboard a combined potential of over 218 million monthly active users to the Moca Network through dedicated identity systems like Anime ID and Football ID. Furthermore, a strategic collaboration with TON Foundation seeks to integrate up to 900 million active Telegram Messenger users, focusing on key cultural verticals such as social casual gaming, sports, and IP experiences.
Investor Confidence and Vision for the Future
The investment from key players in the blockchain and venture capital space reflects a strong belief in Mocaverse's vision. Jeff Ren, Partner at OKX Ventures, praised Mocaverse for representing the vibrant Animoca Brands ecosystem and its potential to maximize network effects through interoperable infrastructure. Martin Baumann, Managing Partner at CMCC Global, highlighted Animoca Brands' leadership in blockchain-powered consumer applications and Mocaverse's potential to drive mass market adoption. Ken Kitahara, General Partner of Decima Fund, expressed excitement about supporting Mocaverse's mission to bring clarity to on-chain social graphs and activity.
Funding Allocation and Use of Proceeds
Animoca Brands will utilize the new funding to accelerate the development and scaling of Mocaverse, further enhancing its interoperability infrastructure and expanding its reach. The company is committed to advancing digital property rights and fostering the evolution of the internet into a more equitable and decentralized system.
About Animoca Brands
Animoca Brands is a global leader in digital entertainment, blockchain, and gamification, driving digital property rights and contributing to the development of the open metaverse. The company has a broad portfolio of investments and projects, including The Sandbox, REVV Motorsport, TOWER, and GAMEE, among others.
About Mocaverse
Mocaverse is an ambitious project by Animoca Brands, focused on building an interoperable infrastructure layer for consumer crypto adoption. Through its Account, Identity, and Reputation systems, Mocaverse aims to simplify user experience and enhance compatibility across Web3 platforms.
Key takeaways:
- Animoca Brands secures $10M for Mocaverse, bringing total funding to almost $42M.
- Investment from key players like OKX Ventures, CMCC Global, and Hong Shan.
- Focus on building interoperable infrastructure for Web3 mass adoption.
- Moca ID has over 1.79M registrations and 160+ Web3 activations.
- Strategic partnerships with major platforms to onboard millions of users.
- Strong investor confidence in Mocaverse's vision and potential.
Compiled by CMO Intern team
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