DUBAI, United Arab Emirates--(BUSINESS WIRE)--Everdome, the most hyper-realistic metaverse, has announced that GEM Digital Limited (GEM), a Bahamas-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 US$10 million into the UAE-based metaverse company through a structured token subscription agreement.
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%) located throughout the Everdome metaverse were sold throughout an eight week auction experience. In total, plots were purchased for upwards of US$18.6 million, 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% of their average daily volume in Tokens across multiple exchanges to GEM Digital.
According to Rob Gryn, CEO and Founder of Everdome, the commitment from GEM will be used to strengthen Everdome'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."
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. Funds will also go towards boosting marketing efforts, partnership enablement, and investments that will aid Everdome's sustainable growth.
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 colonize 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.
To learn more about Everdome, visit everdome.io.
Everdome is creating the most hyper-realistic metaverse. Bringing brands and users together in a digital-life meets real-world experience, all with the purpose of interconnecting the digital and physical worlds seamlessly – ultimately creating the most realistic web3 experience.
About GEM Digital Limited
GEM Digital Limited is a digital asset investment firm. Based in the Bahamas, the firm actively sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally.
Global Emerging Markets (“GEM”) is a $3.4 billion alternative investment group with offices in Paris, New York and the Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 530 transactions in 72 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provides GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.