The Adaverse accelerator, founded by EMURGO (the parent company of the Cardano foundation) and Everest Ventures Group, a Hong Kong-based venture studio, has announced an investment in Diagon Studios, a Nigerian gaming technology company. EMURGO will support the development and distribution of hyper-casual games, utility tokens, and non-fungible tokens (NFTs) via simple play-to-earn (P2E) models under the terms of the agreement.
This move is part of EMURGO’s larger effort to support and grow the African blockchain ecosystem by developing local talent and providing them with the resources they require. Adaverse was founded last year to identify and fund high-potential early-stage blockchain startups in Africa. So far, they have supported several projects in various industries, including NFTs, DeFi, and gaming.
Jeremiah Onojah, a Nigerian engineer with experience in both the Web2 and Web3 spaces, founded Diagon Studios in 2019. The company’s primary goal is to deploy P2E hyper-casual games on the blockchain to help break down barriers in the Web3 gaming industry.
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Diagon Studios will develop and distribute its games to a wider audience with the help of EMURGO, as well as explore new use cases for the Cardano blockchain. Furthermore, EMURGO will provide mentorship and resources to assist the company in scaling its operations.
Shogo Ishida, co-CEO at EMURGO Africa, said, “Focused on hyper-casual gaming that takes out complexity from the gameplay, Diagon Studios is one of the game publishers that stands on the cusp of opening the African space to the realities of play-to-earn, and we are glad to be offering the startup a launchpad and the opportunity to build on Cardano.”
This is a significant step forward for EMURGO as they continue to advocate for Cardano adoption in Africa. Because of its large population and underdeveloped financial infrastructure, the continent has been identified as a key growth market for blockchain technology.
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Diagon Studios will be able to accelerate Cardano adoption in Africa and help bring blockchain-based gaming to the mainstream with the help of EMURGO.