Animoca Brands Japan, the Japanese division of Animoca Brands, a Hong Kong-based company driving digital property rights through non-fungible tokens (NFTs), has received $45 million in funding to grow Web 3 businesses across the country.
Per the announcement, the funding saw participation from Animoca Brands Corporation Limited and MUFG Bank Ltd (MUFG). Both firms invested $22.5 million each in the funding round, putting Animoca Brands Japan’s pre-money valuation at a total of $500 million.
Secure Local Licenses and Investments
Animoca Brands Japan said it plans to use the funds to secure licenses for popular Intellectual Properties (IP) and develop its internal capabilities. The funds will also be used to support its partners to improve their product offerings and to promote the development of a safe and secure NFT community in Japan.
Additionally, the Japanese strategic company noted that part of the money would be dedicated to promoting the adoption of the Web 3 ecosystem, allowing businesses in the region to grow their projects through the issuance of NFTs and fungible tokens.
Established in 2021, Animoca Brands Japan is focused on driving the adoption of Web 3 technology among Japanese IP and content holders, providing businesses in the region access to the technology while utilizing its parent company’s resources.
Animoca Brands Japan to Partner With MUFG
In March, the Japanese strategic firm said it was considering collaborating with MUFG, one of the oldest banks in Japan and the second contributor to the latest funding round for NFT opportunities.
The Tokyo-based financial institution has been in service for over 360 years since its inception, with a global network of 2,400 branches in multiple countries.
Junichi Hanzawa, the president and director of the bank, noted that both firms had reached a basic agreement concerning the partnership in anticipation of Web 3.
Web 3 Receives Support From V.C Firms
Over the years, Web 3 technology has garnered support from leading venture capital firms in the industry with a series of funding for projects and startups building on the ecosystem.
In July, Coinfonania reported that Variant, a United States investment company, launched $450 million to support Web 3 startups.
According to the report, the funds contain a $150 million seed round dedicated to project founders in the ecosystem and a $300 geared towards promising projects in the company’s portfolio.
