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Animoca Brands Secures $20 Million to Develop Digital IDs and Point System for Web3

Animoca Brands Secures $20 Million by web3oclock

The world of Web3 is rapidly evolving, and Animoca Brands is at the forefront of this revolution. On September 11, the gaming and Web3 company announced the successful closure of a $20 million funding round. This funding is not just a financial boost for Animoca Brands; it’s a significant step towards realizing their ambitious vision for the Mocaverse platform. In this beginner-friendly blog post, we’ll explore what this means for Web3 enthusiasts and how Animoca Brands plans to develop digital IDs and a point system that could change the landscape of gaming, culture, and entertainment in the decentralized web.

What is Animoca Brands’ Mocaverse Project?

The Mocaverse project is an innovative initiative by Animoca Brands that aims to create a digital identity and point system tailored specifically for the Web3 ecosystem. In simpler terms, it’s like having a unique online ID card and a rewards program for everything you do in the digital world.

How Will Moca ID Work?

One of the most exciting aspects of this project is the introduction of Moca ID. Think of it as a digital passport that’s represented as a nontransferable non-fungible token (NFT) collection. Here’s what Moca ID will allow users to do:

  • Create a Digital Identity: Just like in the physical world, your digital identity is crucial in Web3. Moca ID will enable users to establish their online personas, making it easier to connect with others and engage in various online activities.
  • Accrue Reputation: In Web3, your reputation matters. Moca ID will track your online interactions and contributions, helping you build a reputation within the digital community.
  • Earn and Spend Loyalty Points: Loyalty programs aren’t just for traditional businesses anymore. With Moca ID, you can earn loyalty points for participating in Web3 activities and spend them within the Animoca ecosystem or even with other decentralized organizations.

Community-Centric Approach

Yat Siu, the co-founder and CEO of Animoca Brands, emphasized that their project is DAO-based, meaning it prioritizes the community. This approach encourages collaboration and cooperation across the entire Animoca ecosystem. Furthermore, Moca ID is not limited to just one platform; it will serve as a digital identity, reputation, and loyalty system for other decentralized organizations. This highlights the interoperability and inclusivity of Web3 projects.

Who’s Backing This Vision?

The funding round that Animoca Brands successfully closed was led by CMCC Global, a prominent venture capital investor in the blockchain space, and saw participation from notable figures like Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games. These investors believe in the potential of Animoca Brands’ vision to reshape the Web3 landscape.

Unlocking Access to Web3

Moca ID won’t just be limited to Animoca’s projects. It will also serve as a gateway to a vast ecosystem comprising over 450 companies in Animoca’s portfolio, representing more than 700 million user addresses. This means that Moca ID will provide millions of new users with access to the thriving Web3 and metaverse ecosystems. Martin Baumann, co-founder of CMCC Global, aptly describes it as a “portal for hundreds of millions of new users to access Web3.”

The Relevance of Web3 in 2023

While there’s been a shift in attention from the metaverse to emerging technologies like artificial intelligence in 2023, Web3 remains relevant and full of opportunities. Recent events, such as Julian Assange’s political rally in the metaverse and partnerships like the British Museum and The Sandbox bringing historical institutions into the digital realm, showcase the enduring appeal and innovation of Web3.

Conclusion

In conclusion, Animoca Brands‘ Mocaverse project is an exciting development for anyone interested in the world of Web3. With Moca ID, digital identities, reputations, and loyalty points will become integral parts of our online experiences. This project’s community-centric approach and broad ecosystem access promise to make Web3 more accessible and engaging for millions of users. While the tech world may constantly evolve, Web3’s potential for connection and innovation is here to stay.

FAQs

1. What is Animoca Brands’ Mocaverse project? 

The Mocaverse project by Animoca Brands is an ambitious initiative aimed at creating a digital identity and point system tailored for the Web3 ecosystem. It includes Moca ID, a nonfungible token (NFT)-based digital identity, reputation tracker, and loyalty point system that can be used across various decentralized platforms.

2. How does Moca ID work? 

Moca ID is like a digital passport for Web3 users. It allows you to establish a unique online identity, build a reputation based on your digital interactions, and earn loyalty points by participating in Web3 activities. These loyalty points can be spent within the Animoca ecosystem and potentially with other decentralized organizations.

3. Who is backing Animoca Brands’ vision for Web3? 

Animoca Brands’ vision for Web3 has garnered significant support. Their recent funding round, which raised $20 million, was led by CMCC Global, a prominent venture capital investor in the blockchain space. Notable figures like Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games, also participated in the funding round, highlighting the confidence in Animoca Brands’ mission to reshape the Web3 landscape.

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