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

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