KEY POINTS
The Moca Foundation, a subsidiary of Animoca Brands, has finalized the Moca Token launch — intended to govern its Mocaverse Web3 project — with a total of $29.3 million in pre-deposited funds.
As per a press release, the results show a 12x oversubscription, significantly exceeding the $5 million sale target in just 6 hours. Over 17,000 participants, including a record number of members from the Mocaverse community, took part in the sale.
The sale — started on April 25 and concluded on May 2 — took place on MocaList, a token launchpad jointly introduced by Mocaverse and CoinList last month.
Token distribution is scheduled for around May 24, 2024.
The Moca Coin is set to govern Mocaverse, a Web3 project that kicked off with the release of an NFT collection featuring 8,888 PFP NFTs in 2022. Within 48 hours, the minting phase garnered a volume exceeding $5.6 million.
This initial launch set the stage for following endeavors. For instance, in June 2023, Animoca Brands collaborated with Rarible to establish a dedicated marketplace for Mocaverse NFTs.
In September 2023, the company secured $20 million in funding, spearheaded by CMCC Global, to boost the project.
Furthering its reach, Animoca Brands bolstered Mocaverse through partnerships with leading crypto wallets like OKX, Crypto.com, and Halo in February 2024. During the same month, it unveiled plans to expand the project into South Korea, forging collaborations with key entities.
Beyond the Mocaverse initiative, Animoca Brands has been at the forefront of the Web3 domain. Notably, its Japanese subsidiary, Animoca Brands Japan, announced the release of an NFT launchpad this summer, offering strategic marketing support and a sales platform for Web3 projects. In March, the company partnered with KACST to inaugurate a Web3 hub in Riyadh, Saudi Arabia.
