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Gem Global Yield LLC SCS (GGY) has invested $200 million in funding in the sports metaverse startup LootMogul. This funding will promote the implementation of blockchain gaming for sports organizations and athletes and effectively provide an immersive sports fan experience.
LootMogul Sports Metaverse - A Web3 Platform
The LootMogul sports metaverse is a Web3 platform run by athletes and supported by blockchain games, meta stores for brands and athletes, and virtual real estate with in-real-life (IRL) prizes. By introducing Web2 gamers and sports fans to the metaverse, LootMogul is growing the Web3 community. Following an equity exchange listing, GEM will offer LootMogul a share subscription facility of up to $200 million for 36 months, allowing LootMogul to access funds by selling equity shares to GEM. The timing and maximum limit of such drawdowns will be under LootMogul's control. However, there is no minimum drawdown requirement.
Funding To Provide Financial Flexibility
The funding is anticipated to help in providing the financial flexibility to support LootMogul's metaverse strategic growth plans. It includes developing meta (virtual) sports cities around the globe with real-world advantages, brands, and professional athletes on a true cross-metaverse and blockchain (multi-chain) platform on various devices like Oculus, HoloLens, Web, Mobile, and Console. Through the agreement, LootMogul would have the freedom to decide when and how much money to spend by issuing equity shares to GEM without being bound by a minimum drawdown requirement. The action comes after cooperation with the open-source blockchain DigitalBits was launched in August for the development of the MOGUL tokens, a native token for its gaming environment. The coin would be introduced to the decentralized exchange NicoSwap's XDB/MOGUL liquidity pool.
Funding To Several Crypto Firms
GEM, which has 3.4 billion in assets, has provided funding for several cryptocurrency firms. Through the sale of the H20N token in June, the group invested $300 million in the CeDeFi exchange Unizen and $150 million in the South African company H20 Securities.