Metaverse Magna Raises $3.2M to Power Africa’s Gaming DAO Network


Metaverse Magna (MVM), a blockchain gaming platform, has launched a $3.2 million seed token round to expand its efforts to build Africa’s largest gaming DAO and give gamers access to world-class to provide opportunities. Nestcoin’s second publicly announced company, Metaverse Magna, was launched in partnership with Old Fashion Research, a multi-strategy blockchain mutual fund.

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 grants to over 1,000 players to play crypto games like Axie Infinity and Pegaxy. Since its inception, the company has grown to over 100,000 members with its products and community.

According to a report by Newzoo, a gaming analysis company, the number of gamers in sub-Saharan Africa rose from 77 million in 2015 to 186 million in 2021. The report also states that mobile phones account for 95% of the market, boosted by the improved internet of the world continent reflects access and affordable smartphones.

On a call with TechCabal, Nestcoin CEO and co-founder Yele Bademosi said the opportunity for Metaverse Magna stems from the number of players on the continent, combined with the lack of a platform that operates at the intersection of cryptocurrency and gaming on the continent.

Bademosi added that his main driving force was for digital assets to be more widely embraced and used as a tool for economic transformation. As a founding partner of Microtraction, Bademosi has invested in several Web 3 based African companies such as Buycoins, Yellow Card and Bitsika. He also helped with Binance’s expansion into Africa before founding Bundle, a cash and cryptocurrency social payments platform.

According to him, his previous contributions to the African blockchain ecosystem are not enough to drive mainstream adoption. “The development of crypto utility adoption in Africa is driven by these applications that everyday people can use,” he said.

Gaming is an efficient way to introduce people to digital assets, crypto wallets, and financial rewards. The global mobile gaming industry generated revenue of $93 billion in 2021, larger than other digital industries such as music and online movie streaming. Metaverse Magna gives gamers access to crypto and allows competitive and casual gamers to earn an income from opportunities in this growing industry.

Participating in the round were Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. Bademosi said that reaching out to this diverse group of investors is strategic and necessary to make MVM’s vision a reality.

In a statement shared with TechCabal, Henry Chang, CEO of Wemade, a South Korean video game developer, said, “Gaming guilds will be one of the mainstream DAOs and play a central role in gaming tokenomics, and our partnership with MVM is an opportunity for the ecosystem.” to expand WEMIX in Africa, a continent with a fast-growing market and young population.”

MVM’s capital raise comes at an interesting time, where investors are less keen to commit funds, while those willing to take the risk are doing so at lower valuations of startups. In that regard, Bademosi told TechCabal that MVM on the round is optimized for value rather than high ratings.

“I’ve never been one to optimize for reviews. Having the right mix of investors and partners on board is more important than achieving sky-high valuations. Ultimately, I want my investors to feel confident that they are getting a good deal; a fair price. With the MVM increase, the rating I had in mind was the one we ended up increasing. We might have been able to push for a higher rating, but that’s not my mentality and that’s what I always try to say to entrepreneurs,” Bademosi said.

The entrepreneur and investor also spoke about MVM’s intention to create a sustainable digital economy for gamers. According to him, Africa’s 60 percent unemployment rate is a problem that doubles as an opportunity for the continent’s 186 million+ players if the right infrastructure is put in place.

Despite Africa’s 24% internet penetration rate, Bademosi believes the continent is ripe for a crypto-driven product like MVM. He argues that internet penetration in Africa is increasing exponentially and that in the coming years hundreds of millions of Africans will be connected to the internet and then to gaming and Web3.

With this increase, MVM is pushing to solidify itself as Africa’s pioneering and largest gaming network. Speaking on the company’s ambitions, Bademosi said: “By next year, we would like to see MVM leading the social gaming conversation in Africa and opening up opportunities not only for gamers but also for game developers. And I would love it if, a decade from now, we had the kind of impact that Tencent has had on the gaming industry in Asia. If we can get up to 2% of that, that’s incredible.”

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