Metaverse Magna (MVM) raises $3.2 million to build Africa largest gaming DAO

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Metaverse Magna raises $3.2M at a $30M valuation to build Africa’s largest gaming DAO
Metaverse Magna raises $3.2M at a $30M valuation to build Africa’s largest gaming DAO

Nestcoin, a cryptocurrency focused on Africa and emerging markets, raised a pre-seed round in February to construct, run, and invest in its web3 applications, which include the gaming guild Metaverse Magna (MVM) and cryptocurrency content platform Breach Club. 

Nine months after its debut in December of last year, the latter has finished a $3.2 million seed sale token deal at a $30 million fully diluted valuation.

Investors such as South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG all welcomed participation in MVM, which was incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR). 

The money, according to a release from MVM, will enable it to construct “Africa’s largest gaming DAO and give players access to chances of the highest caliber.”

Nestcoin

Source: : Nestcoin

More than 3 billion people play video games, and they annually spend more than $200 billion on consoles and in-app purchases like NFTs. Africa makes almost 30% of these emerging markets, and platforms like MVM see games as a way to get these millions of consumers on the web3.

The gaming DAO publishes mobile games in emerging regions and produces developer tools for game developers to make use of Web3 gaming’s burgeoning economic models. 

When asked why MVM needed to raise money after the African web3 start-up closed a $6.45 million round this year, Nestcoin CEO Yele Bademosi responded in an email interview that it functions as an autonomous entity as part of the larger Nestcoin ecosystem.

According to Bademosi “Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed.”

 “Gaming presents a unique opportunity to help young Africans earn and lift themselves and their families out of poverty. MVM’s seed sale token ensures opportunities for millions of gamers in these emerging markets.”

What began as a gaming guild that offered scholarships for play-to-earn to over 1,000 players to earn (up to $1,000 monthly, according to the platform’s pitch to users) from free-to-play web2 games and crypto games like Axie Infinity and Pegaxy has grown to a 100,000 member strong-community across an ecosystem that includes 2,000+ gamers, 10,000 Telegram, and 20,000 Discord members.

Also, MVM revealed that it is constructing the Hyper social game software, which will launch soon. In the same interview, Bademosi mentioned that the gaming DAO platform was developing ten web2 games, most of which were hyper-casual games from various genres. These games included Candy Blast, which was the platform’s take on Candy Crush, Wordler, Kong Clumb, and Electron Dash.

When asked, Bademosi tentatively replies, “12 months,” even though MVM doesn’t have a specific time for releasing its token to the general public. Additionally, after the Token Distribution Event, MVM tokens would be locked for 12 months before being unlocked over the course of 30 months in quarterly increments. 

The platform’s chief executive also stated that, in keeping with its “create in public” approach, more information regarding the governance token for MVM’s member community would be made available in due course.

According to a statement from Henry Chang, CEO of Wemade; “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics. Partnership with MVM is an opportunity to expand the ecosystem of WEMIX [a global blockchain gaming platform developed by Wemade] in Africa, the continent with a rapidly growing market and a young population.”