- LootMogul has so far partnered with more than 180 professional athletes
- Virtual sport cities offer a range of engagement and revenue opportunities
Athlete-led sports metaverse firm LootMogul says a US$200 million investment from Global Emerging Markets (GEM) will accelerate the development and adoption of its Blockchain-based gaming environments.
LootMogul offers athletes, sports teams, and brands the ability to create virtual ‘sport cities’ to engage with fans, as well as offering real world perks. Users interact with these sport cites using digital avatars to participate in contests, training academies and games. Owners of the sport cities can also host special events and sell digital and real-life merchandise.
As is common with other metaverse platforms, LootMogul uses its own virtual currency to power these functions. ‘Mogul tokens’ are used to purchase offers non-fungible token (NFT) assets such as wearables, collectibles and in-game power items, while also allowing owners to enter competitions and access events.
LootMogul’s environments are accessible across multiple platforms – web, mobile, games console and virtual reality (VR) – with the company believing its ability to attract Web 2.0 gamers and sports fans to Web 3.0 environments will be a significant competitive advantage.
To date, LootMogul has partnered with more than 181 professional athletes in the US and is in the process of onboarding more than 1.5 million athletes at high school or college.
“LootMogul is super excited about this investment commitment from GEM as it empowers athletes, fans and brands to provide an immersive engagement and tools to bridge experiences between web 3.0 metaverses and real world,” said Raj Rajkotia, LootMogul chief executive.