Everdome, the most hyper-realistic metaverse, announced that GEM Digital Limited (GEM), a Bahamas-based digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs, has agreed to an investment commitment of $10m into the UAE-based metaverse company through a structured token subscription agreement.
What does the funding mean for Everdome?
The announcement comes during a period of heightened activity for Everdome, particularly in terms of its product roll-out and the company’s auction of metaverse land plots.
Since June 2022, about 11,700 plots (97%) located throughout the Everdome metaverse were sold throughout an eight week auction experience. In total, plots were purchased for upwards of $18.6 million, which is equivalent to 1,531,000,000 $DOME, Everdome’s own digital currency. The average price of a plot of land in Everdome was 130,000 $DOME.
Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, Everdome has the ability to sell up to 200% of their average daily volume in Tokens across multiple exchanges to GEM Digital.
According to Rob Gryn, CEO and Founder of Everdome, the commitment from GEM will be used to strengthen Everdome’s offering and ensure future sustainability in the business.
“We’re thrilled to achieve this investment commitment milestone with GEM, which confirms that we’re on the right track as we seek to push new boundaries in the metaverse,” he said.
“This is the perfect time for us to put our foot on the gas and grow our product, which GEM’s investment commitment will help us to do. Everdome is in an exciting place, and with GEM we’ve taken the next step in order to build our metaverse ecosystem to the next level.”
How will Everdome use the funds?
GEM’s investment will be focused on growth and metaverse tech expansion, and will see the game’s VR capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments to aid Everdome’s sustainable growth.
Set to launch in three phases throughout 2022, Everdome takes users on an immersive journey from Hatta in the UAE, which is widely viewed via rocket launches, to colonize Mars in Everdome City. The metaverse platform leverages cutting-edge 3D scanning technology and Epic Games‘ Unreal Engine 5 to deliver state-of-the-art, photo-realistic graphics that will leave game players wondering about the boundaries between gameplay and reality.
To learn more about Everdome, visit everdome.io.