- LootMogul and Gem Global Yield collaborated for the betterment of Metaverse.
Loot Mogul, a Sport Metaverse, secured an investment of $200 million commitment from Gem Global Yield, offering the amount for 36 months in exchange for equity.
The firm stated that the funding would boost the development of LootMogul Metaverse focused on sports games, including “developing meta(virtual) sports cities around the globe with real-world benefits, brands and professional athletes on the true cross metaverse and blockchain platform on multiple devices such as Oculus, Hololens, Web, Mobile, and Console.”
The deal will facilitate LootMogul to withdraw funds by giving equity shares to Gem Global Yield without a minimum drawdown obligation and permitting the startup to control when, where and how funds must be used.
The motion follows a collaboration announced in August with the open-source blockchain DigitalBits for developing MOGUL tokens, a native token for its gaming ecosystem. The native token is set to be added with an XDB/MOGUL liquidity pool on NicoSwap, a decentralized exchange.
Earlier on 9th September 2022, TheCoinRepublic reported the collaboration of LootMogul with Aftermath Island. The partnership highlights seamless cross-chain compatibility and immersive sports-based experiences irrespective of chain or platform to Aftermath Islands’ virtual worlds.
On 11th September 2022, Southeast Asia’s largest bank, DBS, collaborated with Sandbox, a community-driven platform where players can monetize their gaming experiences on the blockchain.
“The collaboration makes DBS the first Singapore firm to lock a collaboration with The Sandbox and the first bank of Singapore to enter the Metaverse.
Other banks and investment companies established in the Metaverse add Standard Chartered Bank, J.P. Morgan, and Fidelity Investments.
In the first quarter of 2022, Goldman Sachs mentioned that Metaverse could be seen as an $8 trillion opportunity. McKinsey and firms anticipate the Metaverse to produce $5 trillion by 2030.
Source: https://www.thecoinrepublic.com/2022/09/17/lootmogul-sport-metaverse-company-secured-200-million-in-funding/