UAE-based Everdome, a hyper-realistic metaverse, recently announced that GEM Digital Limited, a Bahamas-based digital asset investment company that sources, structures and invests in utility tokens listed on over 30 CEX and DEX globally, has agreed to invest US$10 million in the metaverse company through a structured token subscription agreement.
According to Rob Green, CEO and founder of Everdome, GEM’s commitment will be used to strengthen Everdome’s offering and ensure future sustainability in the business. “We are thrilled to partner and achieve this milestone investment commitment with GEM, which confirms that we are on the right track as we strive to push new frontiers in the metaverse.” This is the perfect time for us to hit the gas and really grow our product, which GEM’s investment commitment will help us do. Everdome is in a very exciting place and together with GEM we have taken the next step to build our metaverse ecosystem to the next level.”
This recent announcement comes amid a period of heightened activity for Everdome, particularly in regards to product launches and the company’s auction of land parcels in the metaverse. As of June 2022, a total of 11,700 plots (97%) located in the Everdome metaverse were sold during an eight-week auction. In total, the plots were purchased for more than 18.6 million USD, which equates to 1,531,000,000 $DOME, Everdome’s own digital currency. The average price of a plot of land in Everdome was $130,000DOME.
GEM Digital Limited’s investment will be used mainly for the growth of the company’s team and the technological expansion of the metaverse, and will see the game’s virtual reality (VR) capabilities quickly put in place. Funds will also go toward driving marketing efforts, partnership opportunities and investments that will help sustain Everdome’s growth. More information can be found on the company’s website.