On September 11, 2023, Animoca Brands, a gaming and Web3.0 company announced the closing of a funding round. This initiative is believed to accelerate the development of its Mocaverse platform, stated Cointelegraph.

Sources revealed that Animoca collected about $20 million in an effort to push forward its goal. It is believed Animoca aims to build the Mocaverse project as an identity and point system for Web3.0 gaming, culture and entertainment.

It is believed that Moca ID, will take the form of a non-transferable non-fungible token (NFT) collection. This is expected to allow users to create a digital identity, “accrue reputation, earn and spend loyalty points,” Cointelegraph added.

“​​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,” Martin Baumann, co-founder, CMCC Global, told Cointelegraph.