Securing the future of gaming and entertainment with Web3-native tools, Animoca Brands successfully raised $20 million in an initial financing round for Mocaverse. CMCC Global led the investment to further boost this promising project.
Investors were issued new ordinary shares, known as Simple Agreements for Future Equity (SAFEs), costing A$4.50 each. With 1,910,074,127 fully paid ordinary shares in existence, this fundraising effort drew attention with the unique entitlement of a utility token warrant for investors; obtainable at a nominal price on a 1:1 dollar basis over a 30 months vesting period. Conversion of these SAFEs into ordinary shares happens after six months, the number of which is determined by the AUD: USD exchange rate at settlement.
This funding included prominent participants such as Kingsway Capital, Liberty City Ventures, GameFi Ventures, and institutional investors from Koda Capital among others. Furthermore, individual investors included people like Aleksander Larsen (founder of Sky Mavis) and Gabby Dizon (founder of Yield Guild Games).
Driving this financial action forward is the executive chairman and co-founder of Animoca Brands, Yat Siu. Emphasizing the vision of decentralization, Siu expressed the company’s sense of honor with the received support. Animoca Brands, through Mocaverse, envisions the internet’s evolution into transitioning from hierarchical power structures to autonomous ones. An underlying tone of skepticism, however, is the question of how this transformation will successfully materialize.
With this newly secured capital, Animoca Brands will now foster the Mocaverse Project, focusing on product development and enhancing Web3 adoption. Besides, establishing strategic partnerships to enrich the gaming, culture, and entertainment ecosystem further within the robust Animoca Brands Web3 investment portfolio is also key.
At the heart of this project is the creation of Web3-native tools that will help users establish digital identities, earn loyalty points, build reputations, and enhance access to the extensive Mocaverse ecosystem using their digital profiles.
But despite the buzz around its potential, skepticism looms due to the involved complexities and uncertainties associated with blockchain developments in such fields as gaming and entertainment.
The upcoming introduction of Moca ID, a collection of non-transferable NFTs, will enable Mocaverse users to build their on-chain identities and further engage within the ecosystem. This new feature balances between encouraging active user participation and fostering a vibrant community with new economic opportunities.
With over 450 portfolio companies and a partner network reaching over 700 million users, Animoca Brands is known for pushing forth innovations in the Web3 space. As such, the success of their new venture could potentially change the face of the gaming and entertainment landscape, a notion that is both exciting and nerve-wracking for fellow blockchain enthusiasts.
Source: Cryptonews
