LootMogul has announced that it has gotten $200 million in funding from GEM Global Yield to support its plans to build virtual sports cities worldwide. According to the equity exchange listing, this latest arrangement will automatically provide the company with a share subscription of $200 million in the next 36 months. When completed, this project will greatly enhance the development of the company’s metaverse technology-induced sports gaming.
This development also includes constructing virtual sports cities with real-time rewards, athletes, and brand benefits. All these will be done on blockchain and cross metaverse technology that will run on platforms like Web, HoloLens, Oculus, console games, and mobile platforms. This deal is meant to let the company withdraw these funds by giving out equity shares to GEM without worrying about sticking to any form of minimum drawdown. The absence of a “minimum drawdown” will allow the company to be in charge of the way this fund will be controlled.
This deal also followed a partnership announcement sometime in August with DigitalBits: an open-source blockchain platform. It also led to the development of MOGUL tokens: a native token purposely created for its gaming platform. Reports had it that the token would be included in the liquidity pool of DigitalBits (XDB)/MOGUL, which works on NicoSwap: a decentralized exchange platform. LootMogul is not the only startup that got its funds from GEM; it (GEM) has spent over $3.4 billion funding different cryptocurrency startups round the world.
In June, GEM was reported to have invested $200 million in Unizen, the exchange platform for CeDeFi. After which, it also invested $150 million in H20 Securities: a South African- based business networking company. It was invested in the selling of the H20N token, the company’s first water cryptocurrency.
LootMogul is a Web 3 sports metaverse platform that runs on the blockchain network. Powered by NFT properties, their metaverse technology-induced blockchain games are sponsored by metaverse stores, other blockchain game companies, virtual real estate, and other non-metaverse related brands. The major beneficiary of this company is the Web 2 gamers and other sports lovers. LootMogul is also responsible for the ever-growing number of Web 3 communities.
At some point, it was reported that the famous American basketball player Alex Bentley and a fan of metaverse technology had bought $40,000 worth of digital assets in the LootMogul metaverse platform. This company is also responsible for creating the first ever meterverse stadium, and offers sponsors the opportunity to advertise using an ad space.
The Global Emerging Markets, or GEM, as it is fondly called, is a company that invests only in technology assets. Based in the Bahamas, the company is known to seek, organize, and fund future utility tokens available on over 30 decentralized and centralized exchange platforms in different strategic countries worldwide. This company is an investment organization with $3.4 billion worth of assets. Reports say that they have had more than 540 transactions in 72 countries.