#Animoca plans to develop digital IDs and point system for Web3

The #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, the co-founder and CEO of Animoca Brands said the DAO-based approach of the project put 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 non-transferable 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 VC investors in the blockchain space, along with the founder of Sky Mavis Aleksander Larsen and the founder of Yield Guild Games Gabby Dizon, among others.