According to Cointelegraph: Web3 and gaming company Animoca Brands has closed a $20 million funding round to accelerate the development of its Mocaverse platform. The Mocaverse project aims to create a digital identity and point system for Web3 gaming, culture, and entertainment.

Co-founder and CEO of Animoca Brands, Yat Siu, mentioned the project's DAO-based approach prioritizes community collaboration across the Animoca ecosystem and could serve as the digital identity, reputation, and loyalty system for other decentralized organizations.

Led by CMCC Global, the funding round also featured the founder of Sky Mavis, Aleksander Larsen, and the founder of Yield Guild Games, Gabby Dizon. Users will be able to create a digital identity, accrue reputation, and earn and spend loyalty points via Moca ID, a non-transferable non-fungible token (NFT) collection.

The development of digital IDs for Web3 comes after a decrease in attention to the metaverse, which had gained significant interest in 2022 but lost its limelight to AI in 2023.