Bahamas based digital asset investment firm GEM Digital, which invests in tokens, has added $50 million to its $10 million investment in UAE Everdome Everdome a hyper-realistic metaverse that will bring brands and people together.Everdome had also received investment from BNBChain, OKx, and Unreal engine.

Everdome will use the proceeds of the investment to boost infrastructure and allow heavy traffic loads in a high-fidelity environment. As per Everdome announcement the first $10 million received from GEM Digital has already been drawn down by Everdome for the development of the metaverse project.

GEM’s increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support of the new management’s previous track record and commitment to the vision of our project moving forward.

Jeremy developed the relationship with GEM during his previous role as COO, while also assisting in the partnership with Alfa Romeo F1 Team and securing OKX as a key strategic partner.

Investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth. These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside Everdome as well as growth in users and partners.

GEM‘s investment comes in the form of a further structured token subscription agreement. 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% of their average daily volume, in tokens across multiple exchanges to GEM Digital.

Everdome CEO, Jeremy Lopez stated, ‘’The expansion of the investment commitment from GEM Digital is a huge show of faith in Everdome’s concept, our growth to date, and the capacity of the management team to quickly scale the company across multiple fronts, in marketing, infrastructure, product releases and partnership acquisitions, taking Everdome from concept to a business with real ROI and a vibrantly active metaverse community on a global scale. GEM has been much more than a financial partner; they have been supportive throughout our partnership discussions and have helped open doors with new partners and exchanges.’’

The Ultra-Abu Dhabi, the premier EDM music festival taking place on March 4th and 5th 2023 will be powered by NFT (Non fungible token) tickets developed by BNB Chain, smart contract blockchain and  Fellaz, a Web3 entertainment ecosystem.

The cutting edge ticketing solution powered by BNB Chain will verify the authenticity of tickets, ensuring legitimacy. The collaboration will allow for a more seamless and secure ticketing experience for Ultra Abu Dhabi fans using NFT ticketing while providing a new blueprint for Web3 fan engagement specializing in the music industry.

BNB Chain was originally initiated by Binance but has since grown to become a community-driven, permissionless, and decentralized blockchain ecosystem. Binance is now  one of the many contributors operating within the BNB Chain ecosystem rather than some kind of dominant force wielding unilateral power over it. 

Alvin Kan, Director of Growth and Ops at BNB Chain said, “The new NFT ticketing solution will allow the use of NFTs to provide a secure and tamper-proof way to verify the authenticity of tickets and offer a convenient and seamless experience for the fans. We believe that this collaboration represents a major step forward in the use of mainstream blockchain technology in the entertainment industry, and we are confident that it will set a new standard for Web3 fan engagement and entertainment applications in both IRL and Metaverse environments.”

Bobby Bhatia, CEO of Fellaz, said, “We are excited to partner with BNB Chain to bring our NFT ticketing to this global EDM music festival. Fellaz NFT Tickets powered by BNB Chain will provide a more secure and engaging ticketing experience for fans. We are thrilled to be at the forefront of this technology in the entertainment industry with global brands like Ultra.”

“We are thrilled to partner with Fellaz on this groundbreaking initiative,” said Dudley Chou, Managing Partner of UC Global, the organizer behind many Ultra events in Asia, including Ultra Abu Dhabi. “The use of NFTs for event ticketing is a growing trend in the entertainment industry, and our partnership with Fellaz and BNB Chain is a major step forward in bringing this technology to the mainstream. With its seamless integration and unmatched security, Fellaz’s NFT ticketing solution will provide a new level of convenience and engagement for fans and event organizers alike.”

Integrating NFTs into the ticketing process offers several advantages over traditional ticketing systems. NFTs offer a reliable and secure means of verifying ticket authenticity, guaranteeing entry access exclusively to those with legitimate tickets. This helps to combat the issue of ticket fraud, which has long been a problem in the music industry.

Also, it allows for greater flexibility and convenience in the ticket-purchasing process. Ticket holders can easily transfer their tickets to friends or resell them on the secondary market without paying a fee to a reseller. This allows for a more seamless and hassle-free experience for music fans. Furthermore, the use of NFTs in the ticketing process enables the implementation of innovative features such as personalized and interactive festival experiences.