Animoca Brands Gathers $45M for NFT Development
Animoca Brands, an investment giant for Web3 and crypto games in Asia, is succeeding Japan as funding of up to $45M has been collected by it at a pre-money valuation of nearly $500M. The investment was equally distributed by MUFG Bank (the biggest banking institution based in Japan) and the parent company Animoca Brand. The respective investment occurs at the moment when more severe regulations over the crypto market are being imposed by the country.
Japanese Unit of Animoca Brands Gets $45M for Its NFT Initiative
Japan is not much friendly with the crypto industry. At the moment, it implements a corporate tax of up to thirty percent on the gains taken from the holdings in crypto, taking into account the unrealized profits. The respective strategy has initiated a brain drain in the blockchain market and the native crypto startups are requesting the authorities to minimize the respective tax rates. However, with the endeavors of japan regarding effective musicians, movies, video games, manga, and anime, the country even now secures a position in NFT services.
The Japan-based Animoca Brands, the parent platform of which has supported OpenSea (the world’s largest NFT venue), has a strategy to utilize the latest capital to obtain licenses for famous intellectual properties. It also intends to enhance the internal capabilities, as well as encourage the Web3 adoption to several partners, elevating the utility as well as the value of the branded material thereof while endorsing the advancement of a secure and safe ecosystem of NFTs in Japanese jurisdiction.
NFT Fever Skyrockets in Japan
MUFG was structured due to a merger between the UFJ Bank and Tokyo Mitsubishi. It is not the sole Japan-based financial group to have adopted NFTs. Sumitomo Mitsui Banking Corp, another prominent banking organization within the country, mentioned in July to have a strategy to establish a “Token Business Lab” the focus of which would be to offer consultation services to the organizational consumers who are keen on NFT applications, along with the facilitation of technical support provided by HashPort (a blockchain venture).
The domestic tech firms operating within Japan have also been seeking a way into the sector of NFTs. In April, an NFT marketplace was introduced by Line in Japan. It is an anticipated advancement keeping in view that the prestigious messaging platform of Japan has in advance gained several million dollars from its sticker sales along with popularizing some of those collections.
