LootMogul

LootMogul offers a sports metaverse platform, accessible via web, mobile, gaming consoles, and VR, which contains 200+ virtual arenas, stadiums, meta shops, and training academies in major sports cities. Users can purchase virtual properties and merchandise (as NFTs) to engage with their favorite team or athletes, as well as participate in contests, training academies, and games. The platform simultaneously provides athletes and teams the opportunity to monetize their presence while engaging with fans. Transactions on the platform are facilitated by its digital currency, Mogul tokens. LootMogul is free to use although it offers in-game tournaments featuring real-money prizes, which cost USD 1 for entry.

In August 2023, the company introduced MogulX.ai, a platform that allows users to create their own non-player character (NPC) avatars. The avatars, backed by GenAI tech, can be trained by creators in supervised and unsupervised manners to compete in global sports tournaments to generate revenue. The company claims that the AI avatars learn from in-game interactions and can adapt their behavior accordingly, increasing the variety of conversations and actions that users experience. Fans can also create fantasy teams and leagues to compete in LootMogul’s multiplayer tournament model. The company was also exploring options to dress metaverse avatars in real-world products, with the option to ship the physical items to their homes, which would be offered as a SaaS solution to brands, similar to that of Shopify Stores.

Key customers and partnerships

As of January 2024, the company signed up over 300 college and professional athletes from organizations such as the NBA, NFL, MBL, and UFC under multi-year contracts. Additionally, as of April 2023, the company recorded 84,000 active users on its platform.

The company had partnerships with ~180 professional athletes in the US and was in the process of adding 1.5 million high school and college athletes as of September 2022.

Partnerships include that with metaverse company Superworld to allow sports fans and athletes to create, discover, and monetize content and experiences anywhere in real-world locations (March 2023) and global sports rights and marketing agency Six Sport to expand activities in Europe (January 2023).

Funding and financials

The company’s latest funding round was closed in April 2023, where it raised USD 0.13 million in crowdfunding from 277 investors. At the time, the company noted that it was cash flow-positive and was generating USD 80,000 in net revenue per month.

In September 2022, LootMogul received a USD 200 million investment from Global Emerging Markets (GEM) to further accelerate the development and adoption of its blockchain-based gaming spaces.

Competitors: None under coverage. (LootMogul offers a metaverse platform tailored to sports enthusiasts).