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LootMogul sports metaverse secures $200 million funding from GEM

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TL;DR

  • LootMogul sports metaverse secures $200 million funding from GEM.
  • What you need to know about the sports metaverse and GEM and the objective of the funding.

Gem Global Yield LLC SCS (GGY), a unit of GEM, has committed $200 million in investment in the sports metaverse startup LootMogul. This will hasten the uptake of blockchain gaming for sports organizations and athletes and actually provide an immersive sports fan experience.

Following an equity exchange listing, GEM will offer LootMogul a share subscription facility of up to $200 million for a 36-month period, allowing LootMogul to access cash by issuing equity shares to GEM. 

The timing and maximum size of such drawdowns will be under LootMogul’s control; however, there is no minimum drawdown requirement.

The funding is anticipated to help in providing the financial flexibility to support the Company metaverse’s strategic development plans, which include developing meta (virtual) sports cities around the world with real-world benefits, brands, and professional athletes on a true cross metaverse & blockchain (multi-chain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile, & Console.

The action comes after cooperation with the open-source blockchain DigitalBits was announced in August for the development of the MOGUL tokens, a native token for its gaming environment. The coin will be introduced to the decentralized exchange NicoSwap’s XDB/MOGUL liquidity pool.

According to Raj Rajkotia, CEO of LootMogul

“LootMogul is really happy about this investment commitment from GEM as it enables athletes, fans, and marketers to deliver an immersive interaction and tools to bridge experiences across web 3 metaverses and the real world.”

What you need to know about LootMogul and GEM

The sports metaverse (web 3) platform is run by athletes and is supported by blockchain games, meta stores for brands and athletes, and virtual real estate with in-real-life (IRL) prizes. Web 2 gamers and sports enthusiasts are being introduced to the metaverse via LootMogul, which is growing the web3 community.

GEM Digital Limited is a Company that invests in digital assets. The Bahamas-based company actively seeks for, organizes, and finances potential utility tokens offered on more than 30 centralized and decentralized exchanges around the world.

Global Emerging Markets (“GEM”) is an alternative investment organization with $3.4 billion in assets under management. It has completed over 540 transactions in 72 countries.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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