Animoca Brands Secures US$20M for Mocaverse Expansion

Key Takeaways

  1. Animoca Brands raises US$20 million in a funding round led by CMCC Global.
  2. Funds to be used for the Mocaverse project, focusing on Web3-native tooling for gaming, culture, and entertainment.
  3. Mocaverse to introduce Moca ID, a unique non-transferrable NFT collection, enhancing Web3 accessibility and growth.

Animoca Brands Corporation Limited, a prominent player in the digital property rights for gaming and the open metaverse and owner of Sandbox ($SAND), has successfully garnered US$20 million (equivalent to A$31.3 million) in a recent funding round. This capital injection is earmarked for the acceleration of Mocaverse, a pivotal project within the company’s portfolio.

The funding round saw participation from a consortium of investors led by CMCC Global. Other notable participants include Kingsway Capital, Liberty City Ventures, GameFi Ventures, and institutional investors from Koda Capital. Noteworthy individual investors such as Aleksander Larsen (Sky Mavis founder) and Gabby Dizon (Yield Guild Games founder) also joined the round. Yat Siu, the co-founder and executive chairman of Animoca Brands, has also invested.

Mocaverse is poised to redefine the Web3 landscape by offering native tooling for gaming, culture, and entertainment sectors. This will enable users to establish their digital identity, accumulate reputation, and engage in a loyalty system. The project aims to tap into Animoca Brands’ extensive network, which boasts over 700 million potential users.

A significant feature of Mocaverse is the upcoming Moca ID, a unique non-transferrable NFT collection. This will allow users to establish their on-chain identities and actively participate in the Mocaverse ecosystem. Active engagement will be rewarded with loyalty points, which will be integral to a decentralized loyalty system. The overarching goal is to enhance Web3 accessibility and growth.

CMCC Global, a pioneer in blockchain and Web3 investments in Asia, has a track record of early investments in leading projects such as Ethereum, Solana, and Cosmos. With assets under management exceeding US$500 million, CMCC Global has established itself as a high-conviction investor with a global presence.

Yat Siu remarked on the investment, stating, “The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones. Mocaverse’s DAO-based approach ensures community-driven innovation and collaboration across the Animoca Brands ecosystem.”

Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm for the project, highlighting the potential of Mocaverse to unify the unique portfolio of companies under Animoca Brands and serve as a gateway for new users to the Web3 and metaverse ecosystems.

In terms of the funding details, Animoca Brands is issuing Simple Agreements for Future Equity (SAFEs) to sophisticated investors at A$4.50 per share. These SAFEs will be converted to ordinary shares in six months, with the conversion rate determined by the AUD:USD exchange rate at settlement.

About Animoca Brands: A leader in digital entertainment, blockchain, and gamification, Animoca Brands is at the forefront of advancing digital property rights and the open metaverse. With a diverse portfolio of products and over 450 Web3 investments, the company is a key player in the digital realm. 

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BIGG to Acquire Web3 Company TerraZero in $20M Deal

According to GlobeNewswire, BIGG Digital Assets Inc. (BIGG) has formalized its intent to acquire all outstanding shares of TerraZero Technologies Inc. not already under its umbrella. The transaction, with an estimated valuation of approximately $20 million, is set to be facilitated through an issuance of around 62 million common shares of BIGG.

TerraZero is not just another name in the Web3/Metaverse arena. With a clientele that reads like a who’s who of the industry, including stalwarts such as Miller Lite, PwC, and Warner Records, this acquisition is a testament to BIGG’s vision to diversify and deepen its footprint in the rapidly evolving metaverse landscape. This move is not just about expansion; it’s a strategic alignment that promises to offer BIGG’s shareholders a diversified portfolio with enhanced reach into the metaverse business.

Diving deeper into the financials, TerraZero’s performance in the first half of 2023 has been nothing short of impressive. The company reported a robust revenue of around $1.5M, marking a significant 161% growth year-over-year. But TerraZero isn’t resting on its laurels. The company has charted out an ambitious roadmap that focuses on the development and launch of its Intraverse technology ecosystem by Q1 2024.

The Intraverse platform, as envisioned by TerraZero, is poised to redefine the realms of immersive e-commerce and the upcoming 3D Internet. Beyond its core functionalities, the platform is gearing up to seamlessly integrate features such as credit card payments. Furthermore, in a move that underscores the synergy between the two companies, the platform will soon incorporate KYC, AML, and data analytics capabilities from Blockchain Intelligence Group. This integration, coupled with Netcoins’ fiat to crypto exchange features, promises to elevate the platform’s offerings.

In terms of the specifics of the acquisition, once the dust settles, TerraZero is slated to operate as a wholly-owned subsidiary of BIGG. The share exchange dynamics have been worked out to an approximate rate of 1.69 BIGG Shares for each TerraZero share. This pegs the offer’s value at roughly $0.54 per TerraZero Share, a figure derived from the average trading price of BIGG Shares on the CSE as of August 22, 2023.

Post-acquisition, the shareholder landscape will undergo a significant shift. Existing BIGG and TerraZero shareholders will find themselves holding about 80% and 20% stakes in BIGG, respectively. Adding to the post-deal developments, TerraZero’s CEO, Dan Reitzik, is set for a 12-month tenure as a non-voting observer on BIGG’s board.

In conclusion, this acquisition, backed by endorsements from both BIGG’s and TerraZero’s boards, promises to be a game-changer in the crypto and metaverse sectors, setting the stage for exciting developments in the near future.

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