According to Foresight News, Animoca Brands has received a binding commitment of $20 million in funding to accelerate the development of its NFT series - Mocaverse. The company raised capital by issuing new ordinary shares at AUD 4.50 each. As part of the funding, Animoca Brands granted utility NFT options to investors in this round at a 1:1 USD ratio. The funding round was led by CMCC Global, with participation from Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), Koda Capital and Yat Siu, Executive Chairman and Co-Founder of Animoca Brands.

The funds will be used to advance the Mocaverse project, including product development, driving Web3 adoption, and securing partnerships to expand Animoca's gaming, culture, and entertainment ecosystem Brands for its portfolio of approximately 450 companies and their powerful Web3 projects. Mocaverse is set to launch the Moca ID NFT series, which aims to allow users to create their own on-chain identities and participate in the Mocaverse ecosystem. Moca ID holders will have access to the Mocaverse ecosystem and will be able to earn loyalty points. The Mocaverse loyalty system will also be gradually decentralized to support third-party adoption and integration of Moca ID, promoting accessibility and growth of Web3.