Metaverse Magna (MVM), a blockchain gaming platform, has raised a $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming Decentralized Autonomous Organization (DAO) and provide gamers with access to world-class opportunities.
The second venture to be publicly announced by Nestcoin, Metaverse Magna, was incubated in partnership with Old Fashion Research, a multi-strategy blockchain investment fund.
The round saw participation from Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. Bademosi said that approaching this diverse group of investors was strategic and necessary for making MVM’s vision a reality.
Launched in December 2021, Metaverse Magna is building its community of gamers as a gaming guild. With this model, Metaverse Magna offers play-to-earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. Since its launch, the venture has grown to over 100,000 members across its products and community.
According to a report by Newzoo, a game analytics company, gamers in sub-Saharan Africa increased to 186 million in 2021 from 77 million in 2015. The report also states that 95% of the market is on mobile phones, reflecting the continent’s improved internet access and affordable smartphones.
Commenting, Nestcoin’s CEO and co-founder, Yele Bademosi, said that the opportunity for Metaverse Magna came from the number of gamers on the continent, combined with the absence of any platform that operated at the intersection of cryptocurrency and gaming on the continent.
Bademosi added that his main driving force has been to see digital assets adopted more widely in the mainstream and used as a tool for economic transformation.
On the firm’s future plans, Bademosi said: “ By next year, we would love to see MVM leading the social gaming conversation in Africa, unlocking opportunities not just for gamers, but also for game developers. And in a decade, I would love for us to have the kind of impact that Tencent has had on the gaming industry in Asia. If we can do up to 2% of that, it will be incredible.”
Gaming is an efficient way to introduce people to digital assets, crypto wallets, and financial rewards. The global mobile gaming industry generated $93 billion in revenue in 2021, making it bigger than other digital industries like music and online movie streaming. While giving gamers access to crypto, Metaverse Magna empowers competitive and casual gamers to earn an income from the opportunities within this growing industry.
Henry Chang, CEO of Wemade, a South Korean video game developer, said: “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics, and our partnership with MVM is an opportunity to expand the ecosystem of WEMIX in Africa, a continent with a rapidly growing market and a young population.”
