UAE-based Everdome secures $10m investment commitment from Gem Digital

UAE-based metaverse company Everdome has announced that Gem Digital Limited (GEM), a Bahamian-based, digital asset investment firm, that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally, has agreed to an investment commitment of $10m, through a structured token subscription agreement.

Gem’s investment will be focused on team growth and metaverse technological expansion, and will see the game’s virtual reality capabilities set on a fast track. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome’s sustainable growth.

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, a total of 11,700 plots (97 per cent) located throughout the Everdome metaverse were sold throughout an eight week auction experience. In total, plots were purchased for upwards of $18.6m, 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 per cent of their average daily volume, in tokens across multiple exchanges to Gem Digital.

? Everdome Secures US$10 million Investment Commitment from GEM Digital Limited.

GEM’s investment to focus on:
✅ Team growth
✅ Technological expansion
✅ Fast-tracking VR
✅ Marketing
✅ Partnership enablement

Full release ?https://t.co/1ljl4eMzC2#TheJourneyHasBegun pic.twitter.com/ZpQdHwt6dY

— Everdome (@Everdome_io) August 9, 2022

According to Rob Gryn, CEO and founder of Everdome, the commitment from Gem will be used to strengthen the company’s offering and ensure future sustainability in the business. “We’re thrilled to partner with and 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. 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 is in a very exciting place, and together with Gem we’ve taken the next step in order to build our metaverse ecosystem to the next level.”

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 colonise 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 players wondering about the boundaries between gameplay and reality.

Built on Unreal Engine 5, Everdome will deliver a real-world-extended experience – pulling on the talents and vision of renowned concept artists, game creators, 3D designers, Hollywood VFX specialists, urban planning professionals, a development team that has been delivering graphics and effects for more than a decade, and a marketing team that has already found bounds of success in numerous industries.

Read: Cryptocurrency app OKX acquires substantial landholding in Everdome metaverse