<img src="https://crypto.news/app/uploads/2023/06/crytpo-news-handshake-business-suit-side-view-dollars-background-bright-colors-low-poly-styl-v5.1-1.jpg” />
Web3 entertainment company Imaginary Ones has recently raised substantial funding in a round to accelerate the development of its web3 entertainment ecosystem.
According to a press release shared with crypto.news, the latest investment is part of an oversubscribed round to boost the company's web3 entertainment, combining games, digital content and products.
“These funds will fuel our ambitious expansion plans, allowing us to expand operations and offer even more immersive experiences within the Imaginary World. We want to strengthen our position as a leader in web3 entertainment,” the Imaginary Ones team told crypto.news.
The web3 firm did not reveal the amount raised in the financing round.
Initially established as an intellectual property company, Imaginary Ones gained widespread attention in 2022 after its nft collection, featuring 8,888 fully animated 3D 'bubble characters', sold out in just four minutes.
The firm partnered with fashion giant Hugo Boss in 2023, becoming the first Asian nft project to partner with an international fashion brand. The project has since released two web3 games, Bubble Rider and Bubble Rangers.
In the first quarter of this year, Imaginary Ones introduced the project's native token, BUBBLE coin, giving users access to the comprehensive web3 entertainment ecosystem within Imaginary World.
The web3 firm has now expanded its reach to include content and films, boosted by the latest strategic and funding partnerships, such as one with Immutable, to further develop its mobile gaming initiatives.
Cypher Capital led the funding round, which was also backed by Polygon, Animoca Brands, K300 and Mapleblock.
Web3 venture capital firm Animoca Brands, one of Imaginary Ones' recent backers, has signed a strategic partnership with the Singapore-based nft project. The collaboration aims to enhance Imaginary Ones' tokenomics by utilizing Animoca's extensive experience and resources.
