Animoca Brands raises $20M for Mocaverse Web3 project
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Animoca Brands, a big advocate of the Web3 open metaverse, said it raised $20 million for its flagship project, Mocaverse.
The round was led by CMCC Global, a venture capital firm focused on blockchain and Web3 investments, with participation from other notable investors. The funds will be used to accelerate the development of Mocaverse, expand its ecosystem, and drive Web3 adoption.
Mocaverse, as envisioned by Animoca Brands, aims to establish itself as the identity and point system for Web3 gaming, culture, and entertainment. The project is building Web3-native tools that empower users to create their digital identities, accumulate reputation, earn and spend loyalty points, and access the Mocaverse ecosystem.
With over 450 investments in Web3 companies and projects, Animoca Brands is uniquely positioned to seed the Mocaverse ecosystem with an overall network of over 700 million potential users.
“We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralization,” said Yat Siu, executive chairman of Animoca Brands, in a statement. “The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to participate in a vibrant
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