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Gemie Raises $3.8 Million To Build A Metaverse For A-List Celebrities In Asia

Written by: Mustafa Mulla

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Mar 1, 2022

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Gemie, a metaverse project describing itself as the future of fan experience, has raised $3.8 million from veteran crypto venture capitals led by Shima Capital, Infinity Ventures Crypto, and NGC Ventures.

In a press release on February 17, funds received will be used to fast-track the development of the first Asia-centric metaverse connecting the region’s celebrities to fans across the world.

The team is also doubling its effort to release a premium NFT marketplace that seamlessly links fans and celebrities.

PwC: Global Entertainment is a $2 Trillion Industry

According to PwC, a top-4 auditing firm, global entertainment and media is a $2 trillion industry that will expand 6.7 percent in 2022 at the back of a spike in advertising and digital content demand.

The resurgence in the entertainment industry was driven primarily by the disruptions caused by the COVID-19 pandemic, whose containment measures fueled the demand for entertainment, forcing innovation.

With curtailment measures and governments instituting measures to tame the spread of the disease, the disruption in entertainment, which was previously primarily physical, forced events online.

This mass migration coincided with the widespread adoption of blockchain technology and its solutions, mostly NFTs. 

Unlike fungible tokens, NFTs are unique and non-transferable. However, since they are minted on a public blockchain, NFT transactions are transparent and immutable.

These features are increasingly being fused in the metaverse, introducing new mechanics of play-to-earn and even superior and global modes of fan engagement as forwarded by entertainment-focused metaverses like Gemie.

Gemie is an Entertainment-centric Metaverse for Asia’s A-List Celebrities

Gemie will release an Asia-rooted metaverse aware that the region’s pop culture and entertainment landscape cannot be compared to developments in the U.S. or Europe.

While there are notable differences between the two zones, celebrities remain influential and their impact noticeable. The problem is that celebrities in Asia have been slow to adopt the metaverse as a new frontier of engagement. 

For this reason, John Fung, the co-founder of Gemie, is confident their metaverse will be a timely medium enabling a borderless means of fan engagement.

Subsequently, this will introduce massive benefits for fans and celebrities—including stakeholders like entertainment agencies and franchises. 

“While we have seen that western celebrities such as Justin Bieber, Snoop Dogg, and Travis Scott are well-received in the metaverse, things are still relatively behind in the East.

We see huge potential for artists in Asia to embrace this new virtual way of fan engagement, and we are glad that our investors share our vision of bringing the Asian entertainment industry into the Web3 world.”

A Win-Win for Fans and Celebrities 

From Gemie, fans would easily travel between virtual planets to interact with their favorite celebrities while enjoying exclusive perks using utility-based NFTs.

Because of the global nature of the blockchain, celebrities will have access to more fans through limited-edition collectibles and items.

By acquiring licensed NFTs minted by A-list celebrities like K-Pop Star, fans are guaranteed total asset ownership, giving them the freedom to trade them on Gemie’s NFT marketplace.

The Gemie development team uses their extensive experience in the sphere to launch a metaverse that will accelerate the migration to the metaverse, eliminating past barriers and equipping celebrities with proper tools, resources, and opportunities to actualize their visions from a secure blockchain-based platform.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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