Animoca Brands Raises $20M for Mocaverse Project

Animoca Brands, a Hong Kong-based Web3 company, announced today that it has raised $20 million for Mocaverse, its open metaverse project. The money will go to the development of that virtual world, including the launch of a collection of soulbound NFTs that will allow users to form their blockchain identities.

CMCC Global, one of Asia’s first venture capital companies focused on the blockchain and Web3, led the round, which also saw participation from Kingsway Capital, Liberty City Ventures, GameFi Ventures, the CEO of Sky Mavis, and institutional investors from Koda Capital. Yat Sui, the executive chairman of Animoca Brands’ board, also participated on a personal level.

According to the company’s press release, the $20 million was raised through the issuing of Simple Agreements for Future Equity (SAFEs) at the price of A$4.50 (approximately $2.90) per share. In addition, Animoca Brands has granted investors a free utility token on a 1:1 dollar basis that has a 30-month vesting schedule.

The new NFT collection will consist of 8,888 soulbound tokens that grant access to the Mocaverse ecosystem and allow holders to authenticate their virtual identity. They will come from five tribes: “Dreamers,” “Angels,” “Builders,” “Connectors,” and “Neo-Capitalists.” The goal is that each tribe represents a different group of Web3 movers and shakers. Holders will be able to acquire a “Moca ID,” which can be used to gain loyalty points with the brand.

Yat Sui said of the $20 million raise that the company is honored by the support of investors for Animoca Brands’ Mocaverse and its vision for decentralization. In addition, he commented that power structures are currently changing and will shift from hierarchical structures to more autonomous ones in the coming years, something the company believes in.

Animoca Brands Builds in the Bear Market

Animoca Brands is a big builder in the Web3 space and the headlines it has made in the bear market have showed that prowess. From the launch of its initial Mocaverse NFT collection to the forming of its metaverse fund, the company has been at the forefront of many initiatives in the space. Here are a list of stories involving the company from the past year.

And that’s just the news from Animoca Brands itself. Its subsidiaries, such as The Sandbox metaverse and TinyTap, an NFT company that focuses on education, have also made a great deal of news. They often say bear markets are for builders and few companies embody that statement as much as Animoca Brands.

Rarity Sniper will keep an eye on this developing story and report back if needed.