Animoca Brands, the investment company specializing in digital entertainment, has taken a significant step towards tying a strategic partnership with Web3 financial app hi.
The two entities have signed a memorandum of understanding (MoU) to solidify their collaboration and work together on various initiatives related to non-fungible tokens (NFTs) within the Web3 space.
As part of the partnership, Animoca Brands is set to invest $30 million in hi, supporting the development of initiatives that aim to enhance the utility and adoption of NFTs within the Web3 ecosystem.
One of the key areas of focus for this investment is hi’s innovative hi App, a financial app designed specifically for the Web3 environment. The hi App offers users a comprehensive suite of financial services, all integrated into the Web3 infrastructure.
The investment will also contribute to the expansion of the hi Protocol (hiP), a scalable, EVM-compatible, and Sybil-resistant layer-2 sidechain built for Ethereum. hiP’s architecture enables seamless and efficient interactions with Ethereum’s blockchain, facilitating smoother transactions and user experiences.
hi gained attention in 2022 for introducing the world’s first NFT customizable debit card, powered by MasterCard. The card — available in various tiers like Basic, Black, Silver, Gold, Platinum, and Diamond — enables cardholders to personalize the card face using an NFT they own.
On the other hand, Animoca Brands has been actively exploring opportunities in the NFT space, and its recent collaboration with Rarible stands as evidence. This partnership led to the launch of a dedicated marketplace for Animoca Brands’ Mocaverse NFTs, a collection of digital collectibles initially restricted to Animoca Brands’ friends and family, including its workers, partners, and investors.
Among Animoca Brands’ recent investments are Psychic VR Lab, a metaverse company specializing in virtual reality content creation, and Pixelynx, a music-centered metaverse platform.
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