UAE-based metaverse startup Everdome has secured $60M from GEM Digital to develop its metaverse projects.
The new investment will focus on product development, scalability, and growth.
- The Bahamas-based digital assets investment firm, GEM Digital Limited, is focused on investing in companies developing disruptive technology solutions.
- The aim is to move Everdome from a conceptual project into a phase of delivery and expansion.
-
The new investment comes in a structured token subscription agreement.
- Everdome has the discretion to sell up to 200% of its average daily volume in tokens across multiple exchanges to GEM Digital.
- GEM committed $10M to the firm in August 2022, most of which had already been used for the project's development.
- The state-run WAM news agency said the UAE aims to turn Dubai into one of the world's top 10 metaverse economies and a global hub for the metaverse community.
- Emirates Airlines announced in April 2022 its plans to build brand experience in the metaverse alongside both collectible and utility-based NFTs.
