Jofie Yordan · · 2 min readAnimoca Brands invests in SG Web3 entertainment startup
Photo credit: Imaginary Ones
Imaginary Ones, a Web3 startup based in Singapore, was among those that capitalized on the non-fungible token hype, releasing a collection of 3D “bubble character” NFTs in 2022 that was sold out. But as the trend started to decline in 2023, the company said it is expanding its Web3 services into gaming, content, and merchandise.
To that end, Imaginary Ones has raised a fresh round of funding led by Dubai-based crypto investment firm Cypher Capital. Participants in the fundraise include Animoca Brands, ED3N Ventures, and MH Ventures.
While Imaginary Ones did not disclose the funding stage or amount, it said the round was oversubscribed.
“Our Web3 entertainment roadmap brings together gaming, merchandise, and content to create the Imaginary World,” said co-founder Clement Chia. “Imaginary World unites experiences in both the metaverse and in real life, where users play, interact, and build together.”
Most recently, Imaginary Ones launched a Web3 gaming series titled Bubble Rider and Bubble Rangers, which it claims has garnered 6 million plays in three weeks. The games were designed in collaboration with international fashion brand Hugo Boss.
Founded by Chia and David Lee in 2022, Imaginary Ones has transacted more than 17,000 Ethereum (around US$37 million) in sales volume on OpenSea. The Web3 company also plans to roll out its Bubble coin, which users can use to access its metaverse ecosystem.
Animoca Brands, for its part, has made multiple investments since the start of 2023. They include an NFT gaming firm that mixes Pokemon and Minecraft, a Hong Kong crypto firm, as well as a Japanese gaming company.
Editing by Putra Muskita and Eileen C. Ang
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