Animoca Brands Secures $20M Investment for 'Mocaverse' Project

Animoca Brands Secures $20 Million for Metaverse Development Despite Mixed Sentiment

11 September 2023 10:03 UTC

Animoca Brands secures $20 million investment for 'Mocaverse' metaverse project, showing strong belief in its potential.
Despite $21 billion loss from Reality Labs, Meta continues to push forward with its metaverse initiatives.
Animoca Brands' latest funding round highlights its faith in the metaverse, contrasting with Disney's retreat.

Blockchain gaming studio Animoca Brands has secured a $20 million investment for its ‘Mocaverse’ project, demonstrating a strong conviction in the metaverse’s potential despite mixed sentiment across the industry.

This news comes as tech giant Meta continues to hype its metaverse efforts despite significant losses from its Reality Labs division.

Animoca Brands Secure a Fresh $20 Million for the ‘Mocaverse’

Animoca Brands’ recent fundraising success, as reported on its official website, showcases the firm’s commitment to pioneering the metaverse frontier. The $20 million investment will be channeled toward developing Mocaverse, a project that aims to redefine how we interact with the digital space.

“The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems,” said Martin Baumann, the co-founder of CMCC Global.

In contrast, Meta’s metaverse journey has been fraught with challenges. BeInCrypto reported that despite the hype surrounding Meta’s metaverse initiatives, the company’s Reality Labs division suffered a staggering $21 billion loss.

Meta and Reality Labs Losses on Metaverse Development. Source: Statista

Yet, Meta remains undeterred, pushing forward with its metaverse plans even as Apple prepares to launch its Vision Pro VR headset.

Not Everyone Sold on Metaverse Pipedream

However, the mixed sentiment hasn’t deterred all industry players. Animoca Brands’ latest funding round underscores the company’s belief in the transformative potential of the metaverse.

The firm is cemented in the blockchain sector, strengthening its position as a formidable contender in the metaverse arena.

The metaverse’s future remains uncertain, with some firms like Animoca Brands investing heavily while others like Disney are stepping back.

Meta’s metaverse losses have sparked a debate about the viability of the metaverse. However, the contrasting narratives from Animoca Brands and Disney indicate that the industry’s sentiment is far from uniform.

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