Animoca Brands today announced a $20m funding round for their project, Mocaverse, which includes Moca ID. Mocaverse is a multifaceted web3 platform, but one dimension to it is arguably the most underappreciated facet of web3, particularly in gaming: digital identity — which Moca ID provides.
Mocaverse by Animoca Brands Raises $20m
Animoca Brands, one of the most prevalent names in web3 gaming, has raised $20 million for its primary initiative, Mocaverse, with funding led by blockchain-focused venture capital firm CMCC Global. The capital will expedite Mocaverse’s development and aim to promote wider Web3 adoption.
Mocaverse intends to be the lynchpin that unites the Animoca Brands portfolio as a whole, primarily through its central identity system for web3 gaming. Following the funding, Animoca will launch Moca ID, an NFT collection allowing users to establish on-chain, digital identities that can receive reputation points. Moca IDs will also offer exclusive experiences and a decentralized loyalty system to further web3 growth. The aim is likely to be the implementation of this digital identity system in all of Animoca Brands’ games, including big hitters such as The Sandbox, Axie Infinity, and Thetan Arena.
Why Moca ID Could Lead the Way With Digital Identities in Gaming
When there is talk of web3 gaming and the value of blockchain technology to the players, it is inevitably centered around ownership. That is, players could own their skins and assets for games rather than merely “borrow” them. This has the power to change the value of gameplay in a profound way and Dr. Disrespect’s game in development, Deadrop, is a good example of this. However, the advent of digital identity is an unsung hero.
Why is digital identity important for gaming? Well, there are a plethora of answers, all contributing to the total value; I’ll cover some of the most significant. Firstly, a reputation system, which Moca ID has baked into the system from the get-go. Scammers, toxic players hiding behind pseudonymity, and those skirting a game’s rules, may all have to think twice. It’s one thing abusing other players online when there are no repercussions you care about, but it’s quite another if you can’t just create a new account as it’s linked to your ID.
In addition to the avoidance of pain is the increase of pleasure. One example I’m particularly fond of is community. One of my closest friends is someone from a different country who I met playing a game in 2008. We’ve flown to each other’s countries, we’ve met each other’s partners and families, and we speak most days; that’s a hell of a thing to come of a game. Digital identity can facilitate that by allowing players who enjoy playing together to easily stay connected across any game. Sony’s patent for a system using blockchain had this in mind, with analytics showing when and where you met another player whenever you are curious enough to look.
Digital identities can also be used as effective entry tokens for everything from betas, to competitions, to DAOs, and so on. That is, if your Moca ID has enough reputation, you will be granted access to things — it will grant you a privilege. Conversely, this also prohibits bots that are currently attempting to hoover up and scam everything in web2, as well as block entry to the unscrupulous types that have a poor reputation.
Moca ID isn’t alone in the ambition to become the primary digital identity (I’ve worked with one myself), it’s not even alone in becoming a gaming digital identity, but two major factors set it apart. Firstly, the reputation system is integral to any useful digital identity within the context of gaming (outside of gaming, it may creep toward that Black Mirror episode if we’re not careful.) Secondly, Animoca Brands has an absurdly strong portfolio of web3 games and should they implement Moca ID into all or even most of them, its likelihood of success spikes significantly. Without wide adoption, a digital identity system is like a new social media platform without users: pointless.