Dubai-based metaverse firm Everdome secures $10mn from GEM Digital

By Arya M Nair, Intern Reporter
  • Follow author on
Everdome image
Representational image

Everdome, the Dubai-based most hyper-realistic metaverse, has secured an investment of $10 million from GEM Digital Limited (GEM), a Bahamian-based, digital asset investment firm, through a structured token subscription agreement.

The move comes during a period of heightened activity for Everdome, particularly in terms of its product rollout and the company’s auction of metaverse land plots. Since June 2022, a total of 11,700 plots, located throughout the Everdome metaverse were sold throughout an eight-week auction experience.

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 percent of its average daily volume, in Tokens across multiple exchanges to GEM Digital.

Robert Gryn
Robert Gryn
Founder & CEO

“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.

Set to launch in three phases throughout 2022, Everdome takes users on an immersive journey from Hatta in the UAE, which is widely viewed via rocket launches, to colonize Mars in Everdome City. The metaverse platform leverages cutting-edge 3D scanning technology and Epic Games’ Unreal Engine 5 to deliver state-of-the-art, photo-realistic graphics that will leave players wondering about the boundaries between gameplay and reality.

Related: Marc Ellis to become UAE’s 1st recruitment & training agency to enter metaverse