AfricaTech

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


In February, Africa and emerging markets Nestcoins raised a pre-seed round to build, operate and invest in its Web3 applications, including crypto content platform Breach Club and Metaverse Magna (MVM) gaming guild. Nine months after its launch last December, the latter concluded a token round of seed sales of $3.2 million at a fully diluted valuation of $30 million.

MVM, incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR), has welcomed the participation of investors, including South Korean video game developer Wemade, the venture capital firm based in Japan Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan) and IndiGG. In a statement, MVM said the funding would expand its efforts to build “Africa’s largest gaming DAO and provide players with access to world-class opportunities.”

There are over 3 billion gamers who spend over $200 billion a year on consoles and in-app purchases such as NFTs. Emerging markets, including Africa, account for 30% of this number; platforms like MVM see games as a way to introduce these millions of users to web3.

The Gaming DAO publishes mobile games in frontier markets and creates development tools for game creators to utilize emerging business models in Web3 games. It operates as an independent organization as part of the wider Nestcoin ecosystem, Nestcoin CEO Yele Bademosi said in an email interview when asked why MVM needed to raise funds after the web3’s African newcomer closed a round of $6.45 million this year.

“Africa has the highest youth population in the world, yet over 60% of the continent’s youth are unemployed,” Bademosi said in a statement. “The game offers a unique opportunity to help young Africans earn a living and lift themselves and their families out of poverty. MVM’s seed sale token provides opportunities for millions of players in these emerging markets . »

What started out as a gaming guild offering gaming scholarships to win over 1,000 gamers to earn (up to $1,000 per month, depending on the platform’s pitch to users) from Web2 games free and crypto games like Axie Infinity and Pegaxy has grown into a 100,000 member strong community in an ecosystem of over 2,000 players, 10,000 Telegram and 20,000 Discord members.

Meanwhile, MVM said it is building a soon-to-launch social gaming app, Hyper. Meanwhile, in the interview, Bademosi said that the DAO game platform is working on launching 10 web2 games (mostly hyper-casual games in different genres), including Candy Blast – its version of Candy Crush – Wordler, Kong Clumb and Electron Rush.

Although MVM does not have a fixed date to launch its token to the public, Bademosi gives a tentative answer of “12 months” when asked. Additionally, MVM tokens would remain locked for 12 months during the token distribution event and unlocked in quarterly installments for 30 months. The GM also noted that more details on the usefulness of the governance token for MVM would be communicated to the platform’s member community in due course as part of its “build in public” philosophy.

“Gaming guilds will be one of the main DAOs and will play a central role in the tokenomics of the game. The 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,” Wemade CEO Henry Chang said in a statement.

techcrunch

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