Futureverse teams up with Animoca Brands on metaverse/blockchain tech
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Futureverse and Animoca Brands have teamed up in a strategic partnership to accelerate the deployment of blockchain-based metaverse technologies.
Both companies believe in a metaverse built on open standards. Futureverse, which as relationship with Ready Player One author Ernest Cline, is focused on AI and the metaverse. Animoca Brands has hundreds of investments in blockchain game startups and believes in digital property rights made possible by the blockchain.
The companies have a Memorandum of Understanding (MoU) for a strategic partnership to enhance the reach and capabilities of Futureverse’s advanced metaverse technology stack by leveraging Animoca Brands’ extensive ecosystem of blockchain-based products, including games and other forms of digital entertainment.
The partnership will also 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.
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Under the MoU, Futureverse and Animoca Brands intend to undertake an equity swap involving shares of each other (or their respective group companies) valued at $5 million.
Futureverse and Animoca Brands will work to grow the Futureverse Platform and its generative AI technology throughout Animoca Brands’ extensive portfolio of investments in over 400 Web3 projects.
Futureverse has spearheaded the development of The Root Network as a sophisticated yet user-friendly L1 optimized for seamless interoperability across the open metaverse. Animoca Brands and Futureverse will collaborate to strategically foster the growth of the Futureverse token ecosystem.
At the core of the Futureverse Platform is a suite of AI and metaverse tools that blend the ease of accessibility of Web2 with the power and interoperability of Web3. This suite of tools includes Pass, a digital passport that allows users to effortlessly oversee their identity, data, collectibles, value, permissions, and status across diverse experiences; DOT (Dynamic Object Transfer), a revolutionary tool empowering brands, developers, and agencies to craft high-quality, interoperable digital collectibles or game assets; and the Swappables and Wearables Engine designed for developers building apps, games, and digital experiences that want to be able to compose and decompose collectibles from one another.
Additionally, Futureverse is creating generative AI assets with DOC (Dynamic Object Creator), which enables text-to-3D creation, and JEN, a high-fidelity text-to-music platform.
Futureverse recently showcased its proprietary technology, innovation and creativity with Reebok Impact, an AI fashion experience accessible through Instagram allowing users to seamlessly create custom digital sneakers via direct message. Aiming at sneaker enthusiasts, Futureverse said it has shown how it plans to make the complexities of Web3 technology invisible while maintaining the benefits of digital ownership and interoperability.
Futureverse recently announced The Readyverse, developed by its Readyverse Studios venture, which has secured an exclusive partnership with Warner Bros. Discovery to bring the Ready Player One franchise to the metaverse (see announcement from January 2024). The Readyverse will harness the power of the Futureverse Platform and The Root Network to pioneer a groundbreaking discovery experience within the open metaverse.
“We are excited to partner with Futureverse, whose innovative AI and metaverse technologies are set to transform the digital landscape,” said Yat Siu, executive chairman of Animoca Brands, in a statement. “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.”
As part of the partnership, The Readyverse will collaborate with Animoca Brands’ Mocaverse, the growth network with an interoperable infrastructure layer of Account, Identity, Reputation, and PointFi systems seeded by Animoca Brands, to advance interoperability across experiences within the Moca Network, contributing to the expansion and scalability of the open metaverse.
“Animoca Brands is the clear market leader in Web3 game publishing and its expertise and reach in growing this ecosystem is unparalleled. 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,” said Aaron McDonald, cofounder of Futureverse, in a statement.
Proposed transaction details
Futureverse and Animoca Brands intend to undertake an equity swap valued at $5 million, on the following terms. Animoca Brands shall subscribe for Futureverse shares based on a valuation of $754 million for the entire issued share capital of Futureverse, and Futureverse shall subscribe for shares in Animoca Brands Corporation Limited at $4.50 per share in Australian currency (indicatively resulting in the issue of 1,658,375 Animoca Brands shares assuming a A$:US$ exchange rate of $0.67).
The transaction is subject to, among others, entry into definitive agreements and board approval of both Futureverse and Animoca Brands Corporation Limited, and is expected to be completed within the next 2 months.
