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

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This February, Africa and emerging market-focused Nestcoin Crypto content platform Breach Club and gaming guild Metaverse Magna (MVM) have raised a pre-seed round to build, operate and invest in its Web3 applications. Nine months after launching last December, the latter completed a $3.2 million seed sale token round at a fully diluted valuation of $30M.

MVM, a multi-strategy blockchain investment fund, in partnership with Old Fashioned Research (OFR), welcomes the participation of investors including South Korean video game developer Wemade, Japanese blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), HashKey. , Tess Ventures, LD Capital, Taurean, AFF, Polygon Studios, Kasper Johansen (Spartan), and IndiGG. In a statement, MVM said the funding will expand its efforts to “build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”

There are 3 billion gamers who spend $200 billion+ annually on in-app purchases like consoles and 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 the web3.

Gaming DAO publishes mobile games in frontier markets and creates developer tools for game creators to take advantage of emerging business models in web3 gaming. It operates as an independent entity as part of the broader Nestcoin ecosystem, Nestcoin CEO Yele Bademosi said in an email interview when asked why MVM had to raise money after the African web3 upstart closed a $6.45 million round this year.

“Africa has the largest youth population in the world, but over 60% of the continent’s youth are unemployed,” Bademosi said in a statement. “Gaming offers a unique opportunity to help young Africans earn and lift themselves and their families out of poverty. MVM’s seed sale token will ensure opportunities for millions of gamers in these emerging markets.

Began as a gaming guild offering play-to-earn scholarships to 1,000 gamers 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 Axy Infinity and Pegoxy. The ecosystem has grown to a 100,000 member strong community, including 2,000+ gamers, 10,000 Telegram and 20,000 Discord members.

Meanwhile, MVM said it is developing the soon-to-be-launched social gaming app Hyper. Meanwhile, in the interview, the gaming DAO platform said it is working on launching 10 Web2 games (mostly hyper-casual games) including Candy Blast – its version of Candy Crush – Wordler, Kong Klumb and Electron. Dash.

While MVM does not have a set date for launching its token to the public, Bademosi offers a tentative “12 months” response when asked. Additionally, MVM tokens are locked for 12 months at the token distribution event and unlocked in quarterly installments for 30 months. The chief executive also stated that more details on the utility of the governance token for MVM will be released to the platform’s member community in due course as part of its “build in public” ethos.

“Gaming guilds are one of the mainstream DAOs and play a key role in game tokenics. The partnership with MVM is an opportunity to expand WEMIX’s ecosystem [a global blockchain gaming platform developed by Wemade] in Africa, a continent with a fast-growing market and a young population,” Henry Chang, CEO of Wemade, said in a statement.

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