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Animoca Targets Development of Digital Identity and Point System for Web3

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Recently, Animoca Brands announced the successful conclusion of a funding round aimed at expediting the Mocaverse’s progress. This initiative focuses on the creation of digital IDs and a point system, aiming to play a significant role in Web3’s gaming, cultural, and entertainment sectors.

The gaming-centric Web3 firm Animoca Brands successfully amassed $20 million to fast-track the development of its Mocaverse platform. The overarching vision is for the Mocaverse to act as the foundational identity and point system across Web3 domains of gaming, culture, and entertainment.

Yat Siu, the co-founder and top executive at Animoca Brands, emphasized the importance of a community-driven, DAO-oriented approach for the project, which will bolster collaborative endeavors throughout the vast Animoca landscape. Siu envisions this initiative not just as a mechanism within Animoca but as a “digital touchpoint for identity, reputation, and loyalty” that resonates with various decentralized entities.

A core feature, dubbed Moca ID, will materialize as a collection of non-transferable NFTs, granting users the capacity to craft digital personas, accumulate reputation, and engage in a loyalty point system.

The funding endeavor saw leadership from CMCC Global, a pioneering venture capitalist entity in Asia’s blockchain arena. Other prominent contributors included Sky Mavis’s Aleksander Larsen and Gabby Dizon, the brain behind Yield Guild Games.

Furthermore, the Moca ID intends to act as a gateway to Animoca’s vast ecosystem, encompassing over 450 companies. As per the official communique, this intricate web signifies a staggering 700 million user addresses.

Martin Baumann from CMCC Global shares his vision, stating, “This initiative aims to harmoniously bring together the distinct companies under the Animoca Brands banner. Its potential to introduce hundreds of millions to the Web3 and metaverse spaces cannot be understated.”

Interestingly, the emphasis on metaverse ventures comes at a time when it’s been overshadowed by the burgeoning field of artificial intelligence in 2023 despite its immense traction in the preceding year. However, the metaverse remains a vital nexus for digital interactions. An example of its continuing relevance is the political rally organized by Wikileaks’ founder, Julian Assange, in the metaverse this past August. Similarly, collaborations like the one between the British Museum and The Sandbox in July underline the potential of blending traditional institutions with digital platforms.