GEM raises investment commitment in Everdome metaverse to $60M

Bahama-based GEM Digital Limited has increased its investment commitment to UAE-based metaverse startup Everdome to $60 million. This comes after the appointment of Jeremiah Lopez as the new CEO of Everdome.

Last August, Everdome had secured an investment of $10 million from GEM.

GEM Digital's investment will focus on the delivery and expansion of Everdome, including product development, scalability and growth, said the company in a statement.

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The investment is in the form of a structured token subscription agreement with Everdome having control of the timing and the number of drawdowns. There are also no minimum drawdown obligations under the subscription. Everdome, at its discretion, can sell up to 200% of its average daily volume in tokens across multiple exchanges to GEM Digital, said the statement.

The investment comes after the successful server scaling of Everdome's ’Endurance Moon Skimmers,’’ an interactive gameplay that allows digital explorers 'Evernauts' to experience Moon-based exploration during their journey to Mars from Earth’s lower orbit.

Launched in 2022, Everdome is creating a hyper-realistic metaverse community that will allow individuals and businesses to own digital real estate in the metaverse, discover lands across planets, and engage with the audience.