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

2 mins
Updated by Ali Martinez
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In Brief

  • 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.
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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
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.

The metaverse sector is not without its skeptics. As reported by The Wall Street Journal, Disney recently eliminated its metaverse division as part of a larger layoff plan.

Read more: Blockchain Gaming: The Keys to the Metaverse Castle

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.

Read more: Top 11 Companies Building in the Metaverse [In 2023]

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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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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