Quick take:
- Metaverse Magna has raised $3.2 million from a seed sale token round at a valuation of $30 million.
- The web3 gaming company is looking to build the largest Gaming DAO in Africa.
- The fundraising was backed by Wemade, Gumi Cryptos, HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon, Casper Johansen and IndiGG.
Metaverse Magna (MVM)has raised $3.2 million in a seed sale token round backed by Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan) and IndiGG.Metaverse Magna is a gaming guild of the emerging markets and Africa-focused web3 startup Nestcoin. The startup completed a seed funding round in February to invest in web3 projects including the crypto content platform Breach Club.
Metaverse Magna’s seed token round values the gaming guild at about $30 million according to the announcement.
MVM said it plans to use the funds to build Africa’s largest gaming decentralised autonomous organisation (DAO).
Gaming guilds are among the most attractive vehicles for investing in web3 games. They are organisations or communities that provide gaming assets like tools, NFTs, and funds to players that are unable to afford them.
In exchange, the guilds receive a share of the money earned by the players as ‘rental income.’
The global gaming industry is a $200 million market in annual revenues, and Africa accounts for 30% of income spent on gaming consoles, games, and in-game asset purchases. MVM wants to capitalise on the NFT gaming craze to onboard the African gaming community to web3.
MVM operates as an independent organisation as part of Nestcoin’s broader business ecosystem. The DAO develops mobile games for frontier markets and offers tools for game creators.
Commenting on the fundraising, Nestcoin CEO Yele Bademosi said the company is looking to tap on Africa’s massive youth population, of which more than 60% are unemployed.
“Gaming presents a unique opportunity to help young Africans earn and lift themselves and their families out of poverty. MVM’s seed sale token ensures opportunities for millions of gamers in these emerging markets.”
The game’s pitch users claim that it currently has over 1,000 scholars earning up to $1,000 monthly from free-to-play Web 2.0 games. Scholars also have access to leading Web3 games including Axie Infinity and Pegaxy.
Henry Chang, CEO of Wemade commented: “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics. 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.”
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