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Harmony ONE has announced its investment into LootMogul. The latter is a multiverse blockchain gaming platform that targets sports influencers and fans to boost engagement.
LootMogul is one of the largely used metaverses in the sports sector. Some sports influencers from some of the leading sporting leagues in College, High School, ICC, MLB, NBA, NFL, Olympics and WNBA.
Influencers use the LootMogul metaverse to boost fan engagement through various initiatives such as gaming, sports initiatives, lands and boosting experiences with leading celebrities in the sector. The platform also allows fans to earn non-fungible tokens (NFTs) and cryptocurrencies.
The CEO and founder of LootMogul, Raj Rajkotia, commented on this development, saying, “At LootMogul, we are continuing to offer robust solutions to our sports community through scalable blockchain and strategic partnership. Partnership with Harmony allows us to build a scalable product for our entire sports & crypto community.”
Harmony is an open platform that supports various digital assets, collectibles, identity and governance. The Harmony ONE blockchain also provides a bridge to all blockchain networks. As one of the leading networks, it has supported innovative projects in the sector, such as the metaverse.
“As the Harmony ecosystem grows exponentially, we are always on the lookout for exciting projects that showcase promise. With this investment, we are excited to see what the LootMogul team can build for the sports and crypto community. LootMogul has a unique product positioning in the sports metaverse with star athletes and real-world premier sports & entertainment industry benefits,” the announcement said.
An executive from Harmony ONE, Danny Carranza, noted that the investment into LootMogul was part of the platform’s ecosystem fund. The fund offers grants and investments into projects that are part of the vision of creating a blue metaverse known as the Harmony metaverse.
The Harmony ONE blockchain was launched as part of the Binance Launchpad in May 2019. The blockchain seeks to be a bridge between scalability and decentralization. The fund is primarily focused on decentralization. The bridge also offers attention to data sharing and the development of fungible and non-fungible asset marketplaces.
The $300 million involved in this ecosystem fund will be geared towards attracting projects into the network over the next four to five years. When announcing this ecosystem fund, the Harmony network noted that it was part of a “full-stack ecosystem strategy.” The fund would support 10,000 startups by offering bounties, grants and other exclusive deals.
The launch of this ecosystem fund comes as the blockchain ecosystem grows competitive. Some of the country’s leading networks, including Avalanche and Fantom, have also launched their own funds that will reward some of the notable projects that are launching their funds.
Out of this ecosystem fund, $180 million will be allocated over the year. $50 million of this will support 100 DAOs that will choose how the capital will be used to support small projects. An additional $30 million will also go to partner firms launched in the Harmony network.
The majority of the remaining funds are in a reserve fund to be used by investors and network participants through grants, rewards and investments. Individual projects will be voted upon by smaller network participants.
The recent investment into LootMogul is part of this investment fund. However, it is not the only project that has benefited from the fund. Dozens of projects that have applied for the fund and fit within the scope of what Harmony is looking for have also been supported by the fund.
To learn more visit our Investing in Harmony One guide.
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Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.
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