Hong Kong-based Animoca Brands today announced the launch of strategic subsidiary Animoca Brands KK, or "Animoca Brands Japan".

Animoca Brands Japan aims to build the company's blockchain technology-based platform, with intentions of enabling Japanese IP holders to create and develop fan communities in the Web3 ecosystem, issuing NFTs, and fungible tokens.

Furthermore, it has been announced that the new subsidiary has closed a ¥1.1 billion (approximately $10 million) seed funding round. This came from MCP IPX One Fund, established by MCP Asset Management and Animoca Brands, with investors such as Kodansha Ltd., Nishi-Nippon Railroad, and Sumitomo Mitsui Trust Bank.

Developing a platform

"Japanese intellectual property includes a wealth of high-quality and appealing content. We are excited to establish Animoca Brands Japan and deeply honoured to bring on institutional capital from the world's most influential names in global Japanese culture, such as Kodansha and others," said Animoca Brands co-founder and executive chairman Siu Yat.

"Our Japanese division will focus on partnering with IP owners in Japan to enable them to offer new Web3 products and services in the open metaverse."

Animoca Brands Japan is based in Tokyo's Minato Ward with Tani Motoki (previously of Millennium Capital Management) leading as representative director.

Animoca Brands’ subsidiary The Sandbox recently announced a partnership with dance battle app DanceFight, which will have its own land in the metaverse.