Animoca Brands Makes Strategic Investment in Singaporean Web3 Entertainment Startup

Amid the evolving landscape of the non-fungible token (NFT) market, Imaginary Ones, a Singapore-based Web3 startup, initially gained traction by capitalizing on the NFT hype in 2022.

The company successfully released a collection of 3D “bubble character” NFTs, which garnered significant attention and sold out. However, with the NFT trend experiencing a decline in 2023, Imaginary Ones has strategically shifted its focus. The startup is now expanding its Web3 services beyond NFTs, venturing into gaming, content, and merchandise to explore diverse opportunities in the Web3 space.

Imaginary Ones has secured a recent funding round led by Cypher Capital, a crypto investment firm based in Dubai. The funding round, which involved participation from key investors such as Animoca Brands, ED3N Ventures, and MH Ventures, was reported to be oversubscribed. Although the specific funding stage and amount were not disclosed by Imaginary Ones, the successful raise indicates continued investor interest and support for the startup’s Web3 expansion beyond the NFT market.

Imaginary Ones, led by co-founder Clement Chia, outlines its Web3 entertainment roadmap, aiming to integrate gaming, merchandise, and content to establish the “Imaginary World.” This concept envisions a unified experience in both the metaverse and real life, fostering user engagement, interaction, and collaborative building across these realms. The startup’s strategic expansion beyond the NFT space aligns with the broader vision of creating a comprehensive and immersive Web3 entertainment ecosystem.

Imaginary Ones demonstrates its commitment to Web3 gaming with the recent launch of the Bubble Rider and Bubble Rangers series. Collaborating with the renowned fashion brand Hugo Boss, these games have achieved significant traction, boasting 6 million plays within just three weeks. This success underscores Imaginary Ones’ ability to integrate entertainment, gaming, and collaborations to engage a substantial user base in the evolving landscape of Web3 experiences.

Since its establishment in 2022 by founders Clement Chia and David Lee, Imaginary Ones has achieved noteworthy success, with over 17,000 Ethereum (equivalent to approximately US$37 million) in sales volume on the OpenSea platform. In addition to its NFT endeavors, the company is gearing up to introduce the Bubble coin, offering users access to its expanding metaverse ecosystem.Imaginary Ones’ strategic decision to expand its services into gaming, content, and merchandise aligns with its overarching vision of crafting a vibrant and multifaceted Imaginary World in the Web3 realm.

By integrating various elements, including gaming experiences, merchandise offerings, and engaging content, Imaginary Ones aims to create an immersive and interconnected metaverse where users can play, interact, and contribute to a dynamic virtual environment. This expansion is in response to the evolving trends and demands within the Web3 landscape, showcasing Imaginary Ones’ adaptability and commitment to providing diverse experiences for its community.

Animoca Brands has been actively involved in strategic investments throughout 2023, demonstrating a keen interest in the evolving landscape of NFTs and gaming. Among its notable investments are in an NFT gaming company blending elements of Pokemon and Minecraft, a Hong Kong-based crypto firm, and a Japanese gaming company. These moves showcase Animoca Brands’ commitment to exploring diverse opportunities within the dynamic and rapidly expanding sectors of blockchain-based gaming and digital assets.