Dubai-based metaverse company, Everdome, has secured a $10 million investment commitment from Bahama-based investment group, GEM Digital Limited.
The funding, will be through a structured token agreement, with Everdome controlling the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation, the company said in a statement.
The investments will also be allocated to Everdome’s marketing efforts, partnership enablement and other investments to ensure “sustainable growth” of the company.
The announcement comes during a period of heightened activity for Everdome as the company aims to auction of metaverse land plots.
“Since June 2022, a total of 11,700 plots (97 percent) located throughout the Everdome metaverse were sold throughout an eight week auction experience,” the statement said.
As of now, total number of plots were purchased for $18.6 million, which is equivalent to over 1.5 billion $DOME, Everdome’s own digital currency.
The average price of a plot of land in Everdome stood at 130,000 $DOME, the statement said.
“This is the perfect time for us to put our foot on the gas and really grow our product, which GEM’s investment commitment will help us to do,” Everdome’s chief executive officer and founder Rob Gryn said.
Gryn added “together with GEM we’ve taken the next step in order to build our metaverse ecosystem to the next level,” as the company aims to safeguard future sustainability in the business.
The company is set to launch in three phases this year, and will allow visitors to take an immersive journey from Hatta in the UAE which is widely viewed via rocket launches, to colonize Mars in Everdome City.
“GEM’s investment will be focused on team growth and metaverse technological expansion, and will see the game’s virtual reality (VR) capabilities set on a fast track,” Everdome explained.
The UAE has strengthened its efforts to becoming a hub for both talent and innovation in the metaverse industry.
The Dubai Metaverse Strategy, headed by the emirate’s crown prince and chairman of the Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, was also announced in July this year, to double the number of metaverse and blockchain companies in the emirate.
The move will position the emirate as “a leading global hub for innovative new concepts and disruptive economic and technological models,” a statement on WAM said.
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