Metaverse Magna mints $3.2M to develop Africa’s largest gaming DAO. Picture Courtesy: Metaverse Magna

Metaverse Magna mints $3.2M to develop Africa’s largest gaming DAO. Picture Courtesy: Metaverse Magna 

Metaverse Magna mints $3.2M to develop Africa’s largest gaming DAO

Newsroom Sep 7, 2022

Metaverse Magna (MVM), Africa's crypto-gaming community, has secured $3.2M in a seed sale token round at a $30M fully diluted valuation.

Overview:

  • Nine months after its launch last December, the latter has completed a seed sale token round of $3.2 million at a $30 million fully diluted valuation.
  • There are over 3 billion gamers who spend $200 billion+ yearly on consoles and in-app purchases such as NFTs.
  • Emerging markets, including Africa, account for 30% of this number; platforms like MVM.

African cryptocurrency gaming platform Metaverse Magna (MVM) has raised $3.2 million in a seed token offering at a $30 million fully diluted value. Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG were among the investors that contributed to the fund's creation. The platform plans to utilize the money to speed up the development of "Africa's biggest gaming DAO and provide players access to top-tier possibilities."

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Yele Bademosi, CEO of Nestcoin. Picture Courtesy: Nestcoin

According to Yele Bademosi, CEO of Nestcoin, "Africa has the world's greatest percentage of young people, yet more than 60% are jobless. Gaming offers a unique chance for young Africans to make money and escape poverty for themselves and their families. In these developing areas, MVM's seed sale token guarantees chances for millions of players. By enabling people to play, earn, and increase their wealth without needing to own any gaming assets, MVM aims to remove obstacles to gaming in Africa.

Supporting African P2E gamers

Supporting African P2E gamers. Picture Courtesy: Metaverse Magna 

Metaverse Magna is an African P2E guild initiative that supports P2E players and developers in Africa. It was founded in 2021 by Yele Bademosi and Dr. Carla Woydt. Over 1,000 players may get Play-to-Earn scholarships from the site in exchange for playing crypto games like Pegaxy and Axie Infinity.

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Over 100,000 people, according to MVM, are now part of its community and consumer base. Additionally, according to TechCrunch, the platform is developing the next social game app Hyper.

Their objective is to construct Africa's greatest gaming community while offering the tools throughout the ecosystem for players, investors, game developers, and guild operators, said Yemi Johnson, general manager of MVM. The extension of MVM's activities to provide options for casual gamers via Hyper, their social gaming app with an integrated virtual wallet, was made possible, in their opinion, by this funding.

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"Gaming guilds will be one of the mainstream DAOs and play a crucial role in gaming tokenomics," asserts Henry Chang, CEO of Wemade. Partnership with MVM offers a chance to develop WEMIX's ecosystem in Africa, a region with a youthful population and a quickly expanding market.

You can also download the Tournafest app from Google Play or App Store to play Esports Tournaments & Scrims games like BGMI, Free Fire MAX, Call of Duty, CS: GO, Valorant, Pokemon Unite & win exciting rewards! You may also organize Tournaments & fetch unmatched perks.

Until next time,

#liveitforgaming

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Manish Gupta

I’m a creative thinker. I think it’s important to approach tasks and issues from different angles, rather than doing what has always been done. By having an open mind and taking a different approach.