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LootMogul gets $200 million funding to boost sports metaverse biz
LootMogul received a US$200 million investment from Global Emerging Markets (GEM) which it said will accelerate the development and adoption of its Blockchain-based gaming environments.
An athlete-led sports metaverse firm, LootMogul provides athletes, sports teams, and brands the ability to create virtual "sport cities" to engage with fans, and real-world perks.
Users engage with these sports venues through digital avatars in competitions, training programs, and activities. Sport city owners can also conduct special events and offer both digital and physical goods for sale.
LootMogul believes its ability to draw Online 2.0 gamers and sports fans to Web 3.0 environments will be a huge competitive advantage. The company's habitats are available across numerous platforms, including web, mobile, gaming consoles, and virtual reality (VR).
Over 1.5 million athletes in high school or college are currently being onboarded by LootMogul, which has partnerships with over 181 professional players in the US, so far.