Gaming and Web3 company Animoca Brands announced on Sept. 11 the closing of a funding round to accelerate the development of its Mocaverse platform.

Animoca raised $20 million in an effort to push forward its goal of building out the Mocaverse project to be the identity and point system for Web3 gaming, culture and entertainment.

Yat Siu, co-founder and CEO of Animoca Brands, said the DAO-based approach of the project puts the community first to allow collaboration across the entire Animoca ecosystem.

He highlighted that it will also serve as “the digital identity, reputation and loyalty system for other decentralized organizations.”

Moca ID, which will take the form of a nontransferable nonfungible token (NFT) collection, will allow users to create a digital identity, “accrue reputation, earn and spend loyalty points.”

The funding round was led by CMCC Global, one of Asia’s first and primary venture capital investors in the blockchain space, along with Sky Mavis founder Aleksander Larsen and the founder of Yield Guild Games founder Gabby Dizon, among others.

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The ID will also be used to access the larger ecosystem comprising over 450 companies in Animoca’s portfolio. According to the announcement, this network represents over 700 million user addresses.

Martin Baumann, co-founder of CMCC Global, said:

“​​The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems.”

Cointelegraph reached out to Animoca Brands for additional information on its plans to develop digital IDs for Web3.

This development comes after a period of decreased attention to the metaverse. With a huge hype in 2022, the metaverse has lost the limelight to emerging technologies like artificial intelligence in 2023. 

Nonetheless, it continues to hold opportunities for connection in the digital realm. Wikileaks founder Julian Assange held a political rally in the metaverse against his extradition on Aug. 26.

Back in July, the British Museum and The Sandbox partnered to bring the museum into the digital realm.

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