Animoca’s future work on Web3 includes a digital ID and point system

The Mocaverse, an initiative to develop digital IDs and a points system for Web3 culture, gaming, and entertainment, has benefited from a fundraising round that Animoca Brands just finished.

On September 11th, Animoca Brands, a Web3 and game firm, announced the successful completion of a fundraising round to hasten the creation of its Mocaverse platform.

To further its mission of making the “Mocaverse” project the central identity and hub for Web3 gaming, culture, and entertainment, Animoca has raised $20 million.

The DAO-based strategy of the project placed community first to facilitate cooperation throughout the whole Animoca ecosystem, according to Yat Siu, co-founder and CEO of Animoca Brands.

By collecting Moca ID tokens, users will be able to establish a digital persona, “accrue reputation,” and “earn and spend loyalty points.”

Sky Mavis’s Aleksander Larsen and Yield Guild Games’ Gabby Dizon were among the investors in this round of fundraising, which was headed by CMCC Global, one of Asia’s first and leading VC investors in the blockchain area.

The ID may be used to gain entry into the bigger ecosystem, which includes Animoca’s portfolio of more than 450 enterprises. The release said that this meant getting access to a network with over 700 million users.

CMCC Global co-founder Martin Baumann said: “The initiative will bring together Animoca Brands’ diverse portfolio of businesses and serve as an entry point for hundreds of millions of additional users to the Web3 and metaverse ecosystems.”

Cointelegraph contacted Animoca Brands to learn more about their ambitions to create Web3 digital IDs. After an absence of focus on the metaverse, this new phenomenon has emerged. In 2022, the metaverse was all the rage, but by 2023, other technologies such as AI had surpassed it in popularity.

Nonetheless, it nonetheless provides online networking prospects. On August 26, Julian Assange, founder of Wikileaks, attended a virtual demonstration against his extradition. The British Museum and the Sandbox formed a partnership in July to digitize the institution.

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