LootMogul announced it reached an agreement for Hoop Culture, Inc., the basketball lifestyle brand, to acquire the naming rights for the Metaverse Arena in Orlando, FL.
The deal also includes for Hoop Culture to place five retail/experiential stores in five Arenas within the LootMogul Metaverse.
“We have been receiving a high number of inquiries for naming rights in our Sports Metaverse, and penning this agreement with Hoop Culture, one of the fastest growing apparel brands, is phenomenal. Our goal is to onboard all major brands in our sports metaverse, convert their web 2 consumers to web 3 and vice-versa; essentially create a whole new revenue stream in the Metaverse for all brands,” said Raj Rajkotia, LootMogul CEO.
“To obtain the naming rights for the Orlando Arena is a tremendous day in the continued growth of Hoop Culture,” said Mike Brown, president, Hoop Culture. “Having Hoop Culture stores in five LootMogul Metaverse Arenas will continue to expand our brand and place us in front of hundreds of millions of potential customers. Game players will be able to represent the Hoop Culture brand within the Metaverse and purchase physical products that will be sent directly to the customer. Truly a game changer,” added Brown.
LootMogul recently secured a $200 million committed investment from Gem Global Yield LLC SCS (GGY), part of GEM, that will expedite the adoption of blockchain gaming for sports organizations and athletes and help build an immersive sports fan experience.