Published
2 years ago on
May 24, 2021
Animoca Brands, a global developer leveraging popular brands, gamification, AI, blockchain, and mobile technology, led the investment round of Bit.Country alongside such large investment funds as Hypersphere Ventures, Kernel Ventures, Shima Capital, and over a dozen others.
Bit.Country is a sovereign virtual metaverse endowed with a dedicated space, currency, and governance mechanism. Participants of the metaverse can create their own countries and monetize their community in multiple ways without resorting to any intermediaries. The users can also access the necessary toolkit for issuing NFT items for use in the virtual world.
Bit.Country aims to become a platform that gives new entrepreneurs and small business owners the opportunity to create successful enterprises and engage communities in their activities. By providing a customer-friendly experience for classical internet users and a powerful system for blockchain enthusiasts, the platform gives its adopters the chance to have a stake in the ownership of the digital realms, and a say in the ensuing growth of the system. The Bit.Country network can serve influencers, entrepreneurs, and community owners looking to grow their engagement with their fans or followers.
The investment in Bit.Country from Animoca Brands comes as the NFT market shows growth exceeding 800% over the past year, reaching a total valuation of over $490 million.
Animoca Brands has also recently successfully completed an $88 million capital-raising event, which allowed it to achieve the status of a crypto unicorn at a $1-billion valuation. Participants of the funding round included Kingsway Capital, HashKey Fintech Investment Fund, RIT Capital Partners and Huobi. The round will eventually see as much as 93.4 million newly issued shares in Animoca Brands to be distributed among participating investors at a subscription price of $0.85 per share.
Bit.Country has attracted the attention of Animoca Brands after successfully completing a pilot concept launch that allowed the project to test the characteristics of the metaverse. As part of the test, 152 active users from a tech education business – IndustryConnect – joined the MVP tech community and engaged in incentivized activities, which included creating posts and comments, earning native Bit.Country MVPC tokens in the process, proving ownership.
Bit.Country may become the first successful project for Web 3.0 worlds on the blockchain with a sound economy and a growing ecosystem. The team expects that the domestic currencies of each of the countries within the ecosystem will be used to pay for goods and reward users. Such interest will foster growth of native currency valuation along with the scaling of the community.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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