Highlights:
- TON Foundation and Animoca Brands announced a $20M initiative to promote TON adoption and cross-ecosystem engagement.
- The partnership includes a token-swap agreement between MOCA Coin and Toncoin to enhance user activity.
- Mocaverse and MOCA Foundation will integrate identity and reputation systems within the TON ecosystem.
TON Foundation has announced a strategic partnership with Mocaverse and MOCA Foundation, both subsidiaries of Animoca Brands, to launch a $20 million initiative. This collaboration aims to bolster the TON ecosystem by integrating identity and reputation networks.
Our marquee project @Moca_Network has just announced a strategic partnership with @MocaFoundation and @ton_blockchain to implement an identity and reputation-based consumer network acrossMoca Network and TON Blockchain ecosystems.
🔗https://t.co/9wmeyyiVOi pic.twitter.com/JFPlONvGho
— Animoca Brands 🛫TOKEN2049 🇸🇬 (@animocabrands) July 22, 2024
Strategic Partnership and Token Swap Agreement
Mocaverse and MOCA Foundation, under the Animoca Brands umbrella, have formed a strategic alliance with TON Foundation. This partnership includes a token-swap agreement between MOCA Coin and Toncoin, creating a $20 million reserve. This fund will incentivize developer and user adoption within both ecosystems through joint incentives like The Open League, hackathons, and accelerator programs.
According to Steve Yun, President of TON Foundation Council, “TON’s vision of freedom of interaction aligns strategically with Animoca Brands’ focus on digital property rights.” This collaboration underscores TON’s position as the platform of choice for games and social apps.
Facilitating Cross-Ecosystem Engagement
The partnership will leverage go-to-market and token resources to facilitate ecosystem user engagement. Mocaverse will support the development of a reputation scoring system on TON. Moreover, contributing data from gaming and content systems to the TON Society ID, a decentralized identity credential. This initiative aims to build a meaningful digital identity for users and enable governance power based on the TON blockchain.
Yat Siu, Executive Chairman of Animoca Brands, highlighted the potential of this collaboration, stating:
The partnership between Mocaverse, TON Foundation, and MOCA Foundation provides an opportunity to bring Moca ID and integrate the Realm Network SDK with Telegram’s 900 million users. Significantly, this will enhance the network effects for all involved
Enhancing Web3 Adoption
The collaboration is set to drive Web3 mass adoption and advance digital property rights. Both foundations will explore opportunities to bootstrap consumer growth through Mocaverse’s flagship interoperable SDK product, Realm Network, and the Telegram Mini App Platform. They will also focus on onboarding and cross-pollinating users through key cultural verticals such as social casual gaming, sports, and IP experiences.
In addition, co-branded hackathons and an accelerator will empower developers across both ecosystems. MOCA Coin and Toncoin, valued at $20 million, will be used exclusively to incentivize developers and users. This will include joint airdrops via TON’s The Open League and Moca Network’s PointFi platform.
Mocaverse, MOCA Foundation, and TON Foundation will establish a steering committee to drive partnership initiatives and develop further collaboration areas. This collaboration represents a significant milestone in the shared mission of Web3 mass adoption and the advancement of digital property rights.
Manuel Stotz, TON Foundation Council Member, commented,
The partnership between Animoca Brands and TON Foundation brings together the two leading players in Web3 content, community, and distribution. Thus, driving unparalleled scaling and value-creation opportunities in blockchain gaming and beyond.