Animoca Brands Corporation Ltd has inked a memorandum of understanding (MoU) with Futureverse to form a strategic partnership with the goal of enhancing the reach and capabilities of Futureverse's metaverse technology stack by leveraging Animoca Brands’ extensive ecosystem of blockchain-based products.
The partnership is also intended to accelerate the growth of the Futureverse token ecosystem, which includes The Root Network's ROOT token, the ASTO token powering Futureverse's AI protocol and the SYLO token facilitating SYLO’s communication and social graph protocol.
Under the agreement, the two companies will undertake an equity swap valued at US$5 million.
“Supercharging” portfolio
“Animoca Brands is the clear market leader in Web3 game publishing and its expertise and reach in growing this ecosystem is unparalleled,” Futureverse co-founder Aaron McDonald said.
“We are excited to deepen our strategic ties with and bring our world-leading AI, Web3 gaming technology and A-list IP to help supercharge its portfolio.”
The core of Futureverse’s platform is a suite of AI and metaverse tools that blend the ease of accessibility of Web2 with the power and interoperability of Web3 – they include a digital passport, the Dynamic Object Transfer (DOT) system and the Swappables and Wearables Engine designed for developers building apps, games and digital experiences that want to be able to compose and decompose collectables from one another.
Transforming the digital landscape
“We are excited to partner with Futureverse, whose innovative AI and metaverse technologies are set to transform the digital landscape,” Animoca Brands co-founder and executive chair Yat Siu said.
“This strategic partnership and mutual investment will allow us to leverage Futureverse’s advanced technology stack to significantly enhance our portfolio of over 400 Web3 investments.
“With Futureverse's sophisticated L1 blockchain, The Root Network and its suite of AI-driven tools, we see significant potential to accelerate the growth of our ecosystem.”
Under the MoU, Futureverse’s new project, The Readyverse, will collaborate with the Mocaverse to advance interoperability across experiences within the Moca Network, contributing to the expansion and scalability of the open metaverse.
Animoca will subscribe for Futureverse shares based on a valuation of US$754 million for the entire issued share capital of Futureverse and Futureverse shall subscribe for shares in Animoca Brands Corporation Limited at A$4.5 per share.