Animoca Brands has announced that it has raised an additional $11.88 million in funding. The development comes days after Animoca Brands raised $20 million in September 2023. It aims to build a point system and digital identity for entertainment, culture, and Web3 gaming. Having said that, total funds raised by Animoca Brands now stand at $31.88 million. Moca ID and the Web3 Frequent Player Program are expected to be fueled by these funds.
Moca ID, for one, serves as a digital passport for all users. Users can actively participate in the ecosystem and earn rewards that are redeemable per applicable terms and conditions. Moreover, users with a valid Moca ID gain access to all the benefits the program offers.
Rewards earned through the digital passport allow them to redeem the accumulation with real-life benefits. The Web3 Frequent Player Program by Mocaverse offers these benefits.
Engaging in the ecosystem allows users to earn Realm Points, which power the loyalty system of the program. The idea is to help users build a strong reputation, digital identity, and spend rewards.
The second tranche of funding saw the participation of OKX Ventures, Block1, Polygon Ventures, Foresight Ventures, and Dapper Labs, among others. The company has issued new ordinary shares to all the participants at A$4.5 per piece. Investors have also been granted a free-attaching utility token warrant on a 1:1 basis, pegged to the US dollar.
Currently, investors receive SAFEs, an acronym for Simple Agreement for Future Equity. After six months, the SAFEs will automatically convert into ordinary shares. The AUD:USD exchange rate will determine the actual number of shares at that time. The utility token warrant has a 30-month vesting schedule.
Animoca Brands raised $20 million in September by issuing shares at the same value of A$4.5 per share. They raised funds worth $20 million to accelerate Mocaverse. It saw participation from the likes of Kingsway Capital, CMCC Global, Liberty City, Koda Capital, and GameFi ventures, to mention a few.
The objective of raising funds in the first round was to focus more on pushing the widespread adoption of Web3, fuel product growth, and organize new groups.
The development follows Animoca Brands announcing a partnership with Quidd to develop and launch a customized service to introduce beloved Japanese IPs to the Western market. Animoca Brands Japan brings to the table its deep understanding of Japanese intellectual properties, while Quidd brings its innovative collectible marketplace technology.
Mocaverse’s focus on Moca ID and Realm Points continues, which is evident from the fact that Animoca Brands has hosted the second tranche of funding to bring the total raised funds to $31.88 million. The commitment to building a digital identity and points system is expected to strengthen further in the future.
Source: Crypto News