Animoca Brands, the Hong Kong-based company advancing digital property rights for gaming and the metaverse, has signed a memorandum of understanding for a strategic partnership with Mitsui & Co., Ltd. (Mitsui) through a strategic investment.

Animoca Brands said in a statement on Monday that both parties aim to create new business that contributes to innovation and the uptake of Web3 in the Japan market, by utilizing Mitsui’s extensive assets ranging from industrial businesses to consumer businesses, as well as its extensive partner and customer networks.

Looking ahead, Mitsui and Animoca Brands will also work together to provide solutions for societal issues by accelerating the development of their strategic partnership, such as through the development of collaborative businesses and the establishment of joint ventures in diverse fields, including the application of blockchain technology in wellness and decarbonization/carbon credits.

Web3 is a decentralized next-generation iteration of the internet based on the use of public blockchain technology to create systems that are both highly secure and universally accessible.

Animoca Brands said there is intense interest in this industry in Japan and the Japanese government and the Japan Business Federation (Keidanren) are calling for the adoption of Web3 as a national strategy.

As one of the largest Japanese trading companies, Mitsui has acquired diverse business development expertise and built up global business networks through business development and investment in various industrial fields spanning many years.

It has also prioritized business innovation through digital transformation.

Headquartered in Hong Kong, Animoca Brands is providing the practical Web3 business initiatives based on the use of digital assets and blockchain technology.

It has also built its own unique ecosystem through investment in over 450 companies across a wide spectrum of industries, including providers of Web3-based services ranging from Web3 protocols, infrastructure, to blockchain gaming and metaverse players.

Founded 1947, Mitsui is a firm utilizing its global operating locations, network and information resources to pursue business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: mineral and metal resources, energy, infrastructure projects, mobility, chemicals, iron and steel products, food, food and retail management, wellness, information technology (IT) and communication business, corporate development business.

Animoca Brands is a firm involved in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.

The company develops and publishes a broad portfolio of products including original games such as The Sandbox, Phantom Galaxies, Life Beyond, Crazy Kings, and Crazy Defense Heroes, and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Life Beyond Studios, Notre Game, TinyTap, Be., PIXELYNX, and WePlay Media.

Animoca Brands has a growing portfolio of more than 450 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.