Eikonikos, UAE metaverse start-up, raises $2m in Pre-Seed funding

Eikonikos, UAE metaverse start-up, raises $2m in Pre-Seed funding 

By: Abu Dhabi SME Hub
News

The company is currently in the process of issuing digital assets for investment as it gears up for commercial launch in May 2022, when its valuation will jump.

Eikonikos, an open-world metaverse start-up, has raised $2 million in pre-seed funding by angel investors. Eikonikos envisions creating an open metaverse platform that is owned by Web3 followers, developers, and a growing community of players. Nearly a dozen investors, including blockchain players, took part in the round.

The current pre-seed fundraising round would help the company to extend its ecosystem, bringing more fans into the digital realm.

Eikonikos was founded with the goal of creating a joyful and exciting open metaverse. The metaverse does have real promise. It could be used for training simulations, technical assistance, and immersive video chat. It could revolutionise education, gaming, and business. VR actually amplifies real-life experiences, all of that remains philosophically and technologically resolved by Eikonikos.

The company is currently in the process of issuing digital assets for investment as it gears up for commercial launch in May 2022, when its valuation will jump.

The announcement comes a day after Dubai Government introduced new legislation for the digital asset sector, joining other global hubs in bringing the nascent sector under their regulatory purview.

“We are very determined to create a platform that directly competes and rivals metaverse giants like Decentraland and Sandbox,” said Vineeth, CMO and co-founder of Eikonikos. “We will be able to interact with other Metaverse economies in the future. Building a dedicated and crypto-native audience that likes our dope Non-Fungible Token (NFT) designs, intense gameplay.”

In addition to introducing Virtual Assets Law, Dubai Government also announced the creation of a new regulator in charge of digital assets. The newly formed Virtual Assets Regulatory Authority (VARA) will oversee the industry in all emirates’ special development and free zones, except the Dubai International Financial Centre which has its own independent regulatory and judicial system.

The project's basic design envisions Eikonikos as a fully functional DAO led by the community and focused on providing high-quality experiences.

C.J., a partner at the angel investment firm, said, “As investors, we are primarily concerned with the product and the personnel behind it. Eikonikos has a top-tier metaverse product and is directed by a well-balanced crew, that promises to become a big global player in future.”

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