Aftermath Islands acquires $25 million via token sale commitment from LDA Capital
The funding will help accelerate the development of the metaverse project, with the utility tokens being sold to the investment group based on when certain milestones are achieved.
Aftermath Islands, a VR-based metaverse platform has acquired $25 million through a token sale commitment deal with LDA Capital.
Instead of raising finances through funding rounds, Aftermath Islands Metaverse Limited and its subsidiary, Aftermath Islands Tokens Limited have formed a commitment deal with the global investment group, where utility tokens are sold based on various milestones the company achieves over time, though LDA does have the option of also purchasing equity. The Barbados-based metaverse corporation expects to start fulfilling these milestones without any guarantee of successfully doing so through the end of this year.
The funding will be used to accelerate the development of the metaverse project.
Warren Baker, a Managing Partner of LDA Capital, commented the following in a press release:
“LDA Capital is proud to participate in the advancements brought by Aftermath Islands to the virtual worlds and games which will transform how players interact and transact with in-game collectible NFT’s. More importantly, the Company is an industry leader when referring to Digital Identity verification, enabling a whole new world of in-game interactions. Ultimately, Aftermath Islands is transforming science-fiction into history, and we are proud to be co-authors of this story.”
Aftermath Islands Metaverse is set to be an open-world platform featuring realistic graphics achieved through Unreal Engine 5. It will feature islands serving as locations users can visit, while also offering the ability to trade virtual land, items, buildings and more as NFTs. It will be possible to craft items that can be sold as well. Users can build whatever they want on their plot of virtual land, including games, scenic areas and more. NFTs will be purchasable using fiat as well as other currencies, including the in-game Doubloons (DUBS) cryptocurrency, which will be earnable by completing quests found in various themed islands.
The Managing Director of Aftermath Islands, David Lucatch, added:
“LDA’s commitment will support the long-term growth of the Aftermath Islands Metaverse. Aftermath Islands’ Metaverse showcases the use of digital identity to support safety, privacy and security and has adopted using high resolution graphics and pixel streaming to give users a fast, no-download, photorealistic gaming experience on any device.”