Dubai-based Metaverse startup Eikonikos raises $2mn in pre-seed funding

By Arya M Nair, Intern Reporter
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Eikonikos, an open-world metaverse start-up based in Dubai, has raised $2 million in pre-seed funding by angel investors.

Eikonikos aims to expand an open metaverse platform for Web3 enthusiasts, developers, and a growing community of gamers. The round attracted over a dozen investors, including blockchain players. The pre-seed fundraising round will help it develop its ecosystem, bringing more fans into the digital sphere.

The company’s expertise could be used for training simulations, technical assistance, and immersive video chat. It could revolutionize education, gaming, and business. VR amplifies real-life experiences, all of that remains philosophically and technologically resolved by Eikonikos.

Mr. Vineeth SV, CMO and co-founder of Eikonikos said that “We are very determined to create a platform that directly competes and rivals metaverse giants like Decentraland and Sandbox. We will be able to interact with other Metaverse economies in the future. Building a dedicated and crypto-native audience that likes our dope Non-Fungible Token (NFT) designs, intense gameplay.”

It is currently in the process of issuing digital assets for investment as it gears up for commercial debut in May 2022, when its valuation will jump. The announcement comes a day after Dubai Government introduced new legislation for the digital asset sector, joining other global hubs in bringing the nascent sector under their regulatory purview.

In addition to introducing Virtual Assets Law, Dubai Government also announced the creation of a new regulator in charge of digital assets. The newly formed Virtual Assets Regulatory Authority (VARA) will oversee the industry in all emirates’ special development and free zones, except the Dubai International Financial Centre which has its own independent regulatory and judicial system.

Related: Metaverse firm RFOX enters Dubai’s virtual asset market with new office


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