Honda partners Animoca Brands for web3 fan engagement

Animoca Brands Japan has partnered with Honda to introduce innovative fan engagement experiences utilizing web3 technology in motorsport events. The collaboration will kick off next month with the Mid-Ohio Indy200 race.

Under this initiative, Honda will provide fans with exclusive physical and digital rewards and experiences using blockchain technology. Typically, these rewards are tied to non-fungible tokens (NFTs), which require users to manage cryptographic keys, making it less user-friendly. However, this issue will be addressed by offering a custodial wallet, ensuring fans can easily access their rewards and experiences without the hassle of key management.

To facilitate the custodial wallet service, Animoca Brands has teamed up with Gryfyn, a joint venture between Animoca and Hex Trust, a digital asset custody firm based in Hong Kong.

Animoca Brands is well-known for its notable contributions to the metaverse realm, particularly as the creator of various metaverse experiences like The Sandbox. Additionally, the company is highly active in investing in web3 technologies, with a focus on entertainment, gaming, sports, and education — all sectors where the metaverse thrives.

Animoca Brands Japan received a significant investment of $22.5 million from MUFG, Japan's largest bank, last year. Moreover, its parent company, Animoca Brands, recently announced a strategic partnership and investment collaboration with Mitsui & Co.