Mohamed Vasif, founder and CEO of Eikonikos; Chady Jreige, managing partner; Girish Nathaney, partner; and Vineet SV, CMO and co-founder of EikonikosDubai-based open-world metaverse startup, Eikonikos, has raised $2 million in pre-seed funding from angel investors.
Eikonikos aims to create 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 pre-seed funding round.
The current round will help the company to extend its ecosystem, bringing more people 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,” the firm said in a statement.
The company is currently in the process of issuing digital assets for investment as it gears up for commercial launch in May 2022, when it expects a jump in valuation.
The founder and CEO of Eikonikos, Mohamed Vasif, said: “We believe we are unique, and we have already begun to demonstrate that through our execution — the quality of our design, experience, platform design, and so on.”
The announcement after Dubai Government introduced new legislation for the digital asset sector, joining other global hubs in bringing the nascent sector under their regulatory purview.
Decentraland, Eikonikos
“We are very determined to create a platform that directly competes and rivals metaverse giants such as Decentraland and Sandbox,” said Vineeth SV, the 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 emirate’s 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 decentralised autonomous organisation (DAO) led by the community and focused on providing high-quality experiences.
A partner at the angel investment firm, Chady Jreige, 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.”