Animoca Brands Secur...

Animoca Brands Secures $20 Million for Metaverse Development Despite Mixed Sentiment

By BeInCrypto September 11, 2023 In Metaverse

Blockchain gaming studio Animoca Brands has secured a $20 million investment for its ‘Mocaverse’ metaverse project, demonstrating a strong conviction in the metaverse’s potential despite mixed sentiment across the industry.

This news comes as tech giant Meta continues to hype its metaverse efforts despite significant losses from its Reality Labs division.

Animoca Brands Secure a Fresh $20 Million for the ‘Mocaverse’

Animoca Brands’ recent fundraising success, as reported on its official website, showcases the firm’s commitment to pioneering the metaverse frontier. The $20 million investment will be channeled toward the development of Mocaverse, a project that aims to redefine how we interact with the digital space.

In contrast, Meta’s metaverse journey has been fraught with challenges. BeInCrypto reported that despite the hype surrounding Meta’s metaverse initiatives, the company’s Reality Labs division suffered a staggering $21 billion loss.

Meta and Reality Labs Losses on Metaverse Development. Source: Statista

Yet, Meta remains undeterred, pushing forward with its metaverse plans even as Apple prepares to launch its Vision Pro VR headset.

The metaverse sector is not without its skeptics. As reported by The Wall Street Journal, Disney recently eliminated its metaverse division as part of a larger layoff plan.

Not Everyone Sold on Metaverse Pipedream

However, the mixed sentiment hasn’t deterred all industry players. Animoca Brands’ latest funding round underscores the company’s belief in the transformative potential of the metaverse.

The firm is cemented in the blockchain sector, strengthening its position as a formidable contender in the metaverse arena.

The metaverse’s future remains uncertain, with some firms like Animoca Brands investing heavily while others like Disney are stepping back.

Meta’s metaverse losses have sparked a debate about the viability of the metaverse. However, the contrasting narratives from Animoca Brands and Disney indicate that the industry’s sentiment is far from uniform.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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