Published on: 29/03/2022
Harmony One announces investments in LootMogul’s sports gaming Metaverse
Blockchain company Harmony One has announced that they placed investments in LootMogul, a sports gaming metaverse for both sports influencers and fans.
The target market of the metaverse includes fans of the NBA, WNBA, NFL, MLB, NHL, ICC, Olympics, College, and High-School sports, among others. The metaverse offers fans the chance to explore their hobby while competing with star celebrities in addition to earning Non-Fungible Tokens (NFT) and cryptos.
“At LootMogul, we are continuing to offer robust solutions to our sports community through scalable blockchain and strategic partnership,” said LootMogul founder and CEO Raj Rajkotia.
“Partnership with Harmony allows us to build a scalable product for our entire sports & crypto community.”
LootMogul built on Harmony
LootMogul was built on Harmony, an open platform for assets, collectibles, identity, and governance, and designed to run on all chains. According to Harmony One executive Danny Carranza, the company’s investment into LootMogul was part of its $300 million ecosystem fund. It was said that the fund would be used to create a blue metaverse known as the Harmony metaverse.
“As the Harmony ecosystem grows exponentially, we are always on the lookout for exciting projects that showcase promise,” said Xarranza of Harmony One. “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. This investment is a part of our $300M ecosystem fund, which offers grants and investments to projects that share our vision to build a blue metaverse — the Harmony metaverse.”
The company said, $180 million of the ecosystem fund would be allocated throughout 2022. A total of $50 million would be used to support 100 DAOs, which in turn will dictate how the capital should be used to support small projects. An additional $30 million, then, would be granted to partner firms launched in the Harmony network.
The rest of the fund is kept in a reserve fund. It would be used by investors and network participants for grants, rewards, and investments. Lastly, individual projects would be decided through voting by smaller network participants.
Harmony One’s investment into LootMogul is part of the fund. It is, however, not the only project that has been funded by the company. A number of companies have been reported to apply for the fund and many of them qualified to be supported by the fund.
Harmony One, also referred to as Harmony (ONE), was launched earlier in May 2019 as part of the Binance Launchpad’s initial exchange offering (IEO). Aimed to bring the best out of scalability and decentralization efforts, its motto is “decentralization at scale”.
Running on Ethereum applications with 2-second transaction finality, Harmony One offers 100 times lower fees in addition to secure cross-chain asset transfers between Ethereum, Binance and other chains.
Harmony was established in 2018. Its investors include Silicon Valley’s Consensus Capital and Hong Kong-based Lemniscap VC, among others. It raised $18 million in April 2019 with investors buying nearly $2.8 billion of the company’s ONE tokens, in which $12.6 billion was kept for pre-mining.