The funds will be used for building of virtual sports cities around the world.
LootMogul is a sports platform led by professional athletes and offers users real world benefits. By being part of the metaverse you are eligible to purchase digital property and engage with athletes or teams. Athletes are given the ability to engage with fans and brands to build their social presence and monetize the situation. Finally as a brand you are able to expand your revenue by growing your reach in web3.
LootMogul recently secured an investment of $200 million from Gem Global Yield, which provided the company with a share subscription facility of up to $200 million for a term of three years following an equity exchange listing.
The funding is going to boost the development of the sports metaverse created by LootMogul. The fund will be used to build meta sports cities around the world that will include real-world benefits, partnerships with brands, and professional athletes on a multi chain platform that will work on multiple devices such as Oculus, HoloLens,websites, mobile, and consoles.
LootMogul will be allowed to withdraw the funds via issuing equity shares to GEM without a minimum drawdown obligation, thus allowing the company to have the power to control when the funds will be used and how much.
The partnership was announced in August with the open-source DigitalBits blockchain which aided in the creation of MOGUL tokens. The tokens are created for use in the LootMogul gaming ecosystem on the metaverse created for gameplay.