Animoca Brands Corporation Limited has recently announced that the company has secured an additional $11.88 million in funding for Mocaverse. The primary aim of the funding is to construct an innovative digital identity and point system catering to the evolving landscape of Web3 gaming, culture, and entertainment.
The funding is granted from notable entities such as Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, Dapper Labs, and several others. Issuance of new ordinary shares priced at $4.50 per share facilitated the investments.
Animoca Brands mentioned that the funding furthers the company’s goal of establishing a foundational layer for Web3 culture and entertainment. Web3 Frequent Player Program, a loyalty system powered by Mocaverse’s proprietary loyalty points, adds to this vision.
Details of the Deal
To raise a total of US$11,888,888 (roughly A$18.14 million), for A$4.50 per share, Animoca Brands is offering Simple Agreements for Future Equity (SAFEs) to several knowledgeable and experienced investors. After six months, the SAFEs will automatically convert to common shares. The exchange rate between Australian dollars and US dollars at the time of settlement will decide how many new shares the funding will issue. There are 1,910,074,127 fully paid ordinary shares in the company as of right now. The company has given participating investors a free-attaching utility token warrant with a 30-month vesting schedule, valued at a nominal amount, as part of the raise.
Mocaverse and Moca ID
Mocaverse is a pivotal meta-experience layer for the various Web3 projects within Animocaverse. Animoca Brands’ extensive network comprising over 400 portfolio companies and a partner network with access to more than 700 million users allows Mocaverse to be a powerful and seamless app for its users.
The Moca ID also adds to this strength which lets users have a digital gateway and passport to access the perks of the Web3 Frequent Player Program. Holders of Moca IDs will be able to accrue Realm Points through participation and active engagement within the Mocaverse ecosystem.
Owners of Mocaverse membership NFTs have access to a plethora of community-created utilities. These services include chances to play, learn, do good deeds, and construct in the metaverse. Mocaverse provides a variety of experiences, including chances to support social causes, access to premium game passes, and educational materials.
More About Animoca Brands
Animoca Brands seeks to promote digital property rights and aid in the development of an open metaverse. The company is leading the Web3 gaming industry globally.