Everdome, a Dubai-based metaverse company, has secured an investment pledge of $10 million from GEM Digital that it will use to expand its operations and develop a sustainable business model.
The funding will be through a structured token subscription agreement, with Everdome controlling the timing and the number of drawdowns under the facility, the company said on Tuesday.
There will be no minimum drawdown obligation.
At its discretion, Everdome has the ability to sell up to 200 per cent of the company's average daily volume in tokens across several exchanges to GEM Digital, it said.
“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,” chief executive and founder Rob Gryn said.
The metaverse is where people, represented by avatars or three-dimensional representations, can interact in virtual worlds.
It is part of Web3, the next evolutionary step of the internet, with blockchain, decentralisation, openness and greater user utility among its core components.
The UAE has taken a number of major steps to integrate the metaverse and its related technology, including cryptocurrencies, into the economy, government and society.
Dubai announced on July 19 that it would be hosting the Dubai Metaverse Assembly, the first industry event focused on the technology, in September.
A day before, the government unveiled the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy over the next five years.
In May, Dubai's Virtual Assets Regulatory Authority (Vara) — which was established under the Dubai Virtual Asset Regulation Law, the first such law in the emirate — said it had established its Metaverse HQ, making it the first regulator to have a presence there.
The value of the global metaverse market is forecast to hit about $5 trillion by 2030, according to a report in June from McKinsey & Company.
Everdome, which held its first auction on May 30, allows users to purchase, rent and lease property in the metaverse.
The GEM investment comes at a time of heightened activity for the company. A total of 11,700 plots — or about 97 per cent of those allocated throughout Everdome's metaverse — were sold during an eight-week auction which began on May 30.
Everdome has its own digital currency, called $Dome. Plots have been purchased for 1.5 billion $Dome, which is equal to more than $18.6m, it said. The average price of an Everdome plot was 130,000 $Dome.
“GEM's investment will be focused on team growth and metaverse technological expansion, and will see the game's virtual reality capabilities set on a fast track,” Everdome said.
“Funds will also go towards boosting marketing efforts, partnership enablement and investments that will aid Everdome's sustainable growth.”
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Engine: Dual-motor all-wheel-drive electric
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Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
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UAE currency: the story behind the money in your pockets
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
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MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
