​$200M secured for sports metaverse company...if they want it.

Here's a quick hit before we announce something exciting in the space below, usually reserved for external sponsors.

On Friday last week it was announced that sports metaverse company, LootMogul, secured a $200 million investment commitment from GEM.

The objective of LootMogul is to: "Expand the Web3 community by bringing Web2 gamers and sports fanatics to the metaverse."

...what that will actually look like is anyone's guess at this point.

But their goal is to grow the broader Web3 community - appealing to people who already love video games and sports - which is a solid approach.

They are BIG markets, with highly engaged fans/users.

Which is neat...but what really caught our interest with this story, is how the deal is structured.

Things get pretty technical in the press release, but here's what how it'll work:

LootMogul can issue/sell up to $200M of company shares to GEM, which can happen in a number of transactions, at any time in the next 36 months.

LootMogul gets to control how much of their company they sell to GEM, and when they do it - with no minimum requirement.

It's kind of like GEM has said: "Hey, we believe in your project, we're happy to invest $200M into it (if you want some, or all of it, just say the word)...and if your share value goes up - we all win."

Here's hoping it works out.