Imaginary Ones Secures Funding to Develop Web3 Entertainment Ecosystem

• Blockchain Council
• September 02, 2024

Singapore-based Web3 entertainment company Imaginary Ones has raised new investment in an oversubscribed funding round to bolster its ambitious plans around gaming, digital content, and merchandise. The investment was led by Cypher Capital, with participation from major players like Polygon, Animoca Brands, K300, and Mapleblock.

While Imaginary Ones did not disclose the amount raised, the company stated the funds will fuel its expansion and allow it to scale up operations to “deliver even more immersive experiences within the Imaginary World.” As explained by the Imaginary Ones team, “We want to strengthen our position as a leader in Web3 entertainment.”

Imaginary Ones was initially founded as an intellectual property (IP) firm but gained widespread attention in 2022 after launching an NFT collection featuring 8,888 fully animated 3D “bubble characters” that sold out in just four minutes. The quick sellout highlighted the growing demand for the company’s innovative offerings blending gaming and digital collectibles..

Since then, Imaginary Ones has steadily built out its Web3 entertainment ecosystem. In 2023, it solidified its place in the Web3 world through a groundbreaking partnership with iconic fashion brand Hugo Boss, becoming the first Asian NFT project to collaborate with an international fashion label. The partnership allowed for Hugo Boss-branded items to be integrated into Imaginary Ones’ Web3 games.

Those Web3 games, titled Bubble Rider and Bubble Rangers, were both launched last year. Bubble Rangers, an “endless runner” mobile game featuring in-game NFTs like character skins, has already reached an impressive milestone of over 2 million downloads. The company’s CEO Clement Chia revealed that the flagship game “rebooted and pivoted several times” before arriving at the Bubble Rangers concept focused on accessible, family-friendly pick-up-and-play gameplay..

Beyond games, Imaginary Ones has broadened its scope to content creation and filmmaking, aided by the new funding and strategic industry partnerships like with Immutable to further develop mobile gaming projects. Co-founder and COO David Lee stated the new investments represent a “strong response” even “in the middle of a funding winter,” validating the company’s roadmap and track record.

A key part of the Web3 entertainment vision is Imaginary Ones’ introduction of the BUBBLE coin earlier this year. The native cryptocurrency token provides users with access to the comprehensive Imaginary World ecosystem spanning games, content, merchandise and more.

One of the major new investors and strategic partners is Web3 gaming giant Animoca Brands. The collaboration aims to leverage Animoca’s deep expertise in Blockchain gaming and NFTs to enhance the tokenomics around Imaginary Ones’ offerings. As Animoca co-founder Yat Siu stated, “We are proud to support businesses like Imaginary Ones leading the development of the open metaverse.”

Cypher Capital, which led the funding round, cited Imaginary Ones’ “proven track record in the Web3 entertainment space” and strong strategic partnerships as key factors behind their investment. Other participating investors echoed similar sentiments about backing a pioneering Web3 creator developing innovative experiences at the intersection of gaming, NFTs, and digital media.

With the new capital injection, Imaginary Ones is well-positioned to execute on its ambitious roadmap around cultivating an expansive Web3 entertainment universe.