A handful of other well-known Web3 investors have contributed $20 million to Animoca Brands, a metaverse and gaming venture capital firm, in order to further its Mocaverse project.
The Hong Kong-based business stated on Monday that CMCC Global led the investment, which also included investments from Kingsway Capital, Liberty City Ventures, and GameFi Ventures. Yat Siu, a co-founder of Animoca, also took part in a personal capacity.
With support from institutions such as Temasek, the state investment fund of Singapore, Animoca Brands has emerged as a prominent investor in NFTs, blockchain games, and metaverse-related businesses in the last several years.
The goal of Animoca is to give people Web3-native tools to create games and other entertainment goods using Mocaverse. Moca ID is a non-fungible token (NFT) collection that is being developed. Its purpose is to enable users to create on-chain IDs so they may engage with the Mocaverse ecosystem.
The money was raised by selling Simple Agreements for Future Equity (SAFEs), which are set to automatically convert into common shares after six months at a cost of approximately A$4.50 ($2.90) each.
An exclusive agreement is formed between Param Labs and Animoca Brands to support the former’s go-to-market strategy, which includes the launch of Web3 products. Additionally, improvements are being made to the blockchain and token economy architecture developed by Param Lab.
While Param Labs is a prominent player in both the technology and gaming industries, Animoca Brands advocates for digital property rights in relation to gaming and the open metaverse.
Based in Abu Dhabi, Param Labs is a development studio that focuses on making video games and infrastructure for the upcoming gaming generation. Among its offerings are the Web3 TPS Kiraverse and the industry-leading Pixel To Poly platform, which transforms 2D NFTs into 3D game-ready files for Grand Theft Auto V, Fortnite Creative Mode, and other games.
As part of the partnership, Param Labs is giving Animoca Brand access to its Pixel To Poly platform to help with the selection of its projects and customers. This will make it easier to convert 2D artwork into 3D assets that are ready for gaming. In order to advance design proportions, artificial intelligence will be applied to refine the emerging pattern.
Apart from outlining its game economy and framework in its litepaper, Param Labs is getting ready for several exercises, one of which is the introduction of a free-mint NFT. Moving and SVM are two examples of parallel virtual machines (VMs) that are used to run a network of Layer 2 and Layer 3 services in order to implement Param Lab’s novel Web3 architecture.
The partnership is a major turning point for the MENA Web3 gaming sector as well as Param Labs. With Animoca Brands’ backing, Param Labs is ready to take the Web3 and gaming sectors by storm.
According to Anthony Anderson, a founding partner of Param Labs, the collaboration with Animoca Brands would offer the chance to reach the highest level of the gaming business overall.
Yat Siu, the executive chairman and co-founder of Animoca Brands, claims that working with Param Labs will help game developers expand their use of digital property rights.
At a current valuation of an astounding $200 billion, Param Labs is well-known for using blockchain and artificial intelligence (AI) technology to propel the gaming vertical forward. About Animoca Brands, it’s a Web3 giant that uses blockchain technology to give digital rights to customers all around the world so that they may create an open metaverse.
