Global Mofy, a digital asset service platform, secured tens of millions of yuan in a Series A+ financing round led by Shanghai Qufeng International and 36Kr Fund. The company will use the cash to integrate global digital asset copyrights, as well as strengthen product and core technology R&D.
Founded in November 2017 in Beijing, Global Mofy’s business consists of three main segments—virtual content production, digital marketing services, and digital asset trading. The company sees its core virtual production technology, which uses a 3D graphics engine to render digital assets, as an integral component within metaverses—a term used to describe increasingly immersive and interactive online environments. Many of Global Mofy’s executives previously worked at visual special effects companies in the US like Base FX and Industrial Light and Magic.
In 2019, Global Mofy decided to expand beyond the production of 3D virtual assets and started offering marketing services for content created on its platform via a variety of entertainment, streaming, and short-video platforms. In February 2020, Global Mofy reached a strategic cooperation agreement with Alibaba’s Damo Academy, which incubates innovation and encourages R&D in basic sciences to produce technological breakthroughs with social value.
Since the beginning of 2021, the company has offered digital asset trading, folding in copyrighted virtual assets to their platform and integrating them into the digital entertainment industry’s supply chain. Global Mofy offers transaction services for copyrighted virtual assets to creators and distributors in digital entertainment.
The company plans to launch its Digital Cloud Library, a digital asset trading platform, in September to re-circulate digital assets among creators and brands, and provide a constant, legal source of digital intellectual property. Compliant with copyright law in China, these digital assets can be licensed for commercial use, increasing their value for content creators and giving content distributors easier access to IP.
Competition in the digital IP space is heating up. In July, Tencent-backed Epic Games acquired Sketchfab, a platform that allows the collaborative creation and sharing of 3D graphic models and content. Right now, Global Mofy’s team of around 50 employees continues to build its core competencies in technology and IP to fortify its position in the sector. The value of China’s digital copyright market grew at 26.3% in 2020 and surpassed RMB 118.7 billion (USD 18.3 billion), according to a report from Sealand Securities.
“The era of the metaverse has arrived. Its core lies in the creation of virtual assets and virtual identities, which is known as the ‘ultimate form’ of the internet,” said Yang Haogang, founder of Global Mofy. “To enable content creators to liberate their imaginations in the metaverse, Global Mofy hopes to provide all visual digital assets in the simplest way, at the fastest speed, and with the most comprehensive coverage. Going forward, we will combine graphics technology with the power of imagination to blur the boundaries between the physical and virtual worlds, to create an immersive metaverse.”
KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by the mononymous Marc for 36Kr.