How Animoca Brands’ $30 Million Investment in Hi is Revolutionizing NFTs and Fungible Tokens
The world of blockchain technology and cryptocurrencies continues to evolve rapidly, with new innovations driving mass adoption of Web3 applications.
In a significant development, Hong Kong-based company Animoca Brands and the Web3 financial super app and ecosystem, Hi, have announced a strategic partnership. This collaboration is set to shape the future of NFTs and fungible tokens.
In this blog post, we will delve into the details of the partnership, explore the potential impact on the web3 world, and understand how customizable NFT-styled debit cards might revolutionize the financial landscape.
Animoca Brands and Hi’s Vision
Hi is committed to becoming the world’s most user-friendly and functional app for crypto and fiat. Combining crypto exchange functionalities with a next-generation digital banking platform, Hi offers an all-in-one service for savings, investments, payments, and lifestyle benefits. Its vision revolves around bridging the gap between traditional fiat currencies and cryptocurrencies, ultimately driving mass adoption for blockchain technology.
On the other hand, Animoca Brands is a renowned leader in digital entertainment, blockchain, and gamification. The company is actively advancing digital property rights and contributing to the establishment of the open metaverse. With a broad portfolio of products and popular intellectual properties, Animoca Brands is one of the key players in the NFT space.
Deep Integration and Utility Amplification
As part of the partnership, Animoca Brands will invest a substantial US$30 million in Hi. This investment will drive deep integration between Animoca Brands’ ecosystem and Hi’s innovative services, focusing on Web3 mass adoption. The goal is to amplify the utility of fungible tokens and NFTs within the Hi ecosystem.
To achieve this, the companies will collaborate on the development of the Hi App and the Hi Protocol (hiP). The Hi App already has a significant user base, with over 3.5 million users, including 1 million KYC-ed users. The collaboration aims to provide developers with a unique-human authentication mechanism through hiP’s groundbreaking Proof of Human Identity (PoHI) solution. This novel approach to identity verification addresses the shortcomings of centralized identity systems of the Web2 era.
Real-World Use Cases for Cryptocurrencies
A key aspect of the partnership is the potential to deliver real-world use cases for cryptocurrencies and utility tokens. Animoca Brands, being a leader in the NFT space, will support Hi’s vision in this regard. Users will be able to spend and be rewarded with certain tokens used in the Animoca Brands ecosystem, including $SAND, $EDU, $APE, $REVV, $GMEE, and others. This opens up exciting possibilities for expanding the utility and adoption of cryptocurrencies beyond the realm of speculative trading.
NFT-styled Debit Cards and Personalization
One of the groundbreaking features of Hi’s app is the NFT-styled debit card powered by Mastercard. This unique offering allows eligible cardholders to personalize the face of their debit card with an NFT avatar they own. With the first cards set to ship in Q3 2023, users will have the opportunity to express themselves and showcase their individuality in new and exciting ways. The concept of customizable NFT-styled debit cards represents a shift towards personalization in the Web3 era, where users can interact with digital assets in innovative and meaningful ways.
The Impact on Web3 Mass Adoption
Both Hi and Animoca Brands envision the partnership as a means to drive mass adoption for blockchain technology. By offering seamless and user-friendly financial services that integrate cryptocurrencies and fiat, Hi aims to attract a new set of users to Web3. The NFT-styled debit card feature, coupled with the ability to spend tokens across the Animoca Brands ecosystem, adds significant value to the Hi App.
Moreover, the deep integration of Animoca Brands’ portfolio companies within the Hi ecosystem creates a synergistic effect, where users can engage with diverse blockchain-based products and intellectual properties. This holistic approach to Web3 applications and financial services could contribute to the overall growth and acceptance of cryptocurrencies and decentralized technologies.
Conclusion
The partnership between Hi and Animoca Brands represents a remarkable milestone in the ongoing evolution of Web3 applications and blockchain technology. By combining their strengths and resources, these companies are set to amplify the utility of NFTs and fungible tokens while driving mass adoption in the Web3 space. The introduction of customizable NFT-styled debit cards, in particular, presents a novel way for users to engage with digital assets and express their individuality.
As the partnership evolves and the Hi ecosystem continues to expand, it will be fascinating to witness the impact on the broader Web3 ecosystem and the overall growth of blockchain technology in the financial world. With a shared vision for a user-friendly and functional Web3 platform, hi and Animoca Brands are paving the way for a more inclusive and innovative financial future.
Sources:
Animoca Brands and Cointelegraph.
