Now with a bigger war chest, Animoca Brands Japan is one step closer to achieving Web3 adoption in the Asian country.
Leading blockchain gaming investor Animoca Brands widens its reach in Japan
Animoca Brands Japan, also known as Animoca Brands KK, has raised $45 million from its parent company and MUFG Bank to boost Web3 efforts in Japan. This brings the company’s valuation to $500 million upfront.
First, the funds came from equal parts of its parent company Animoca Brands and MUFG Bank. Now with a larger war chest, the company will continue to secure licenses for popular IP, develop its internal capabilities, and promote Web3 adoption to multiple partners. In addition, Animoca Brands KK plans to add value and utility to its branded content while creating a secure and reliable NFT ecosystem in Japan.
However, this announcement comes at a time when the Asian country is looking to tighten regulations around the cryptocurrency industry. As of now, Japan imposes a 30% corporate tax on profits from cryptocurrency holdings, including unrealized gains.
Even so, this doesn’t seem to be stopping Animoca Brands from expanding its dominance in Japan. The leading blockchain gaming investor already has over 340 investments, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Alien Worlds, Star Atlas, and more.
As for MUFG Bank, the financial group had earlier expressed interest in partnering with Animoca Brands Japan. The latest move is likely a follow-up to its commitment to the company.
But one thing is for sure, Animoca Brands isn’t the only one interested in the Japanese Web3 space. Just this month, Nerdystar, LINE Games’ blockchain gaming division, received funding to bring traditional games into the Web3 ecosystem. In fact, LINE even launched its own NFT marketplace in Japan in April. On top of that, there may be competition from Web2 developers, such as Nexon and Sega, who are also developing NFT games.
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