Animoca Brands, a leader in digital property rights for gaming and the open metaverse, has deepened its strategic alliance with Everest Ventures Group (EVG), a prominent Web3 venture builder in Asia. This partnership includes mutual investments in various projects to accelerate the adoption and development of the Web3 ecosystem.
Cross-Investments to Fuel Innovation
Under the new agreement, both companies will engage in cross-investments to support each other’s projects. Animoca Brands plans to invest in several of EVG’s upcoming consumer products scheduled for release in 2024, which are designed to make Web3 experiences more user-friendly. Among these are OpenSocial Protocol, a scalable platform for social applications; Zeek, a decentralized network for social collaboration and reputation management; and two games, Legend of Arcadia and Last Odyssey, which focus on community engagement and strategy, respectively.
Yat Siu, the co-founder and executive chairman of Animoca Brands, stated, “EVG is one of our earliest allies and dedicated builders. We are excited to further enhance our partnership and support EVG’s various projects, which we believe have high potential for mass adoption.”
Conversely, EVG will allocate resources to support Animoca Brands’ initiatives aimed at enhancing digital ownership across the Web3 space. These initiatives include investments in Darewise, a metaverse studio; Anichess, a blockchain-based chess game; and Mocaverse, a network fostering interoperability across various platforms within the Animoca Brands ecosystem.
Strategic Impact on Asian Markets
The collaboration between Animoca Brands and EVG is expected to leverage the growing blockchain and creator economies in Asia, providing innovative solutions and driving significant advancements in the region’s Internet and technology landscape. By integrating their resources and expertise, the two companies aim to tap into the rapidly expanding market, promoting wider use of blockchain technologies and creating real-world applications.
Allen Ng, the co-founding CEO of EVG, stated, “Despite challenges in the market, Animoca Brands continues to demonstrate its leadership in advancing Web3 as the future of the digital world. While others may pull back, Animoca Brands and EVG are moving forward with projects and products to reshape the digital landscape. We believe that in the upcoming market, real use cases and products – not speculation – will drive long-term adoption. We are excited to push boundaries together and deliver projects that offer genuine utility, capable of withstanding bear markets.”