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CMCC Global led the fund round that saw Web3 investor Animoca Brands raising $20 million. The company will use the funds to advance the Mocaverse, a project for developing state-of-the-art tools for entertainment and gaming services.

Animoca Brands, a metaverse and gaming venture capital firm, has raised $20 million to advance its Mocaverse project from a group of other prominent Web3 investors.#Metaverse #mocaverse

The company raised $20 million by issuing new Mocaverse ordinary shares. Meanwhile, Animoca Brands plans to establish the Mocaverse as the focal point for Web3 culture, entertainment, and gaming.

Mocaverse’s Web3 tools will empower users to build their digital identity, earn & spend loyalty rewards, and acquire reputation. CMCC Global co-founder Martin Baumann stated,

“Having built a long-term relationship with Animoc Brands, we are thrilled to be leading this first round of funding into Mocaverse. The project will unify the unique portfolio of companies within the Animoca Brands umbrella & will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystem.”

As highlighted, Animoca Brands will use the generated funds to further Mocaverse developments, including enhancing Web3 adoption and collaborating with leading entities to expand Animoca Brands’ gaming, culture, and entertainment sector.

Mocaverse is building its Web3-centered tools to bolster gaming, culture, and entertainment products, giving users various advantages.

Boosting the Mocaverse project will include the expected Moca ID launch. Moca ID is a non-fungible token (NFT) collection for users to create on-chain identities when exploring the Mocaverse.

Moca ID users will enjoy exclusive access to Mocaverse’s experiences and earn loyalty rewards through active participation. The bonuses will help ensure an interoperable and permissionless loyalty system to bolster Moca ID adoption and third-party integration. 

Besides empowering individuals to participate in a community with lucrative economic opportunities, Mocaverse will act as a loyalty, reputation, and digital identity system for other decentralized organizations.

The post Web3 investor Animoca Brands raises $20M to advance the Mocaverse project appeared first on Invezz.

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