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UAE-based metaverse startup Everdome, has succeeded raising $10 M from digital asset investment firm GEM Digital Limited based in Bahama.

Everdom achievements motivates the transaction

The announcement comes during a period of heightened activity for Everdome, 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 M, equivalent to 1,531 million DOME, Everdome's own digital currency. The average price of a plot of land in Everdome was $1590

Everdom will control the funding

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.

Sustainability of Everdome's future business

Gryn, CEO and Founder of Everdome commented about expected funding gains "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.