LootMogul investment to be utilized to initiate a series of strategic investments and partnerships to attain their long-term goal of metaverse gaming.
Gem Global Yield LLC SCS, a subsidiary of GEM, has committed to investing $200 million in LootMogul, a sports metaverse firm situated in Santa Monica, California.
The funding is anticipated to help in providing the financial flexibility to support LootMogul's metaverse's strategic development plans, which include developing meta (virtual) sports cities around the world with real world benefits, brands, and professional athletes on a true cross metaverse & blockchain (multi-chain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile, & Console.
LootMogul, founded by CEO Raj Rajkotia, is an athlete-driven sports metaverse (web 3) platform that uses blockchain games, meta stores for brands and athletes, and virtual real estate to provide in-real-life (IRL) rewards. Web 2 gamers and sports enthusiasts are being introduced to the metaverse via LootMogul, which is growing the web3 community. Following an equity exchange listing, GEM will offer LootMogul a share subscription facility of up to $200 million for a 36-month period, allowing LootMogul to access cash by issuing equity shares to GEM. The timing and maximum size of such drawdowns will be under LootMogul's control; however, there is no minimum drawdown requirement.
Comments