This February, Africa and emerging market-focused Nestcoin raised a pre-seed round to create, launch, and invest in its Web 3 applications, involving crypto content platform Breach Club and gaming community Metaverse Magna (MVM). 9 months following its lunch the previous December, the latter has completed a seed sale token round of $3.2 M with a valuation of $30 million.
MVM, started in cooperation with a multi-strategy blockchain investment fund, Old Fashion Research (OFR), embraced participation from investors containing South Korean video game developer Wemade, Japanese blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. MVM said in a report that the funding expands its efforts to create “the largest gaming DAO in Africa and give gamers access to world-class opportunities.”
There are more than three billion gamers who spend over $200 billion a year on consoles and in-app purchases like NFTs. Emerging markets, such as Africa, account for 30 percent of this number; platforms as MVM see games as a way to introduce these millions of users to web3.
The gaming DAO publishes mobile games in frontier markets and make developer tools for game developers to take advantage of emerging business models in Web3 gaming. It operates like an independent organization as part of the broader Nestcoin ecosystem, stated Nestcoin CEO Yele Bademosi in an email interview when quizzed on why MVM had to raise money after the African Web 3 startup closed a $6.45 M round in the current year.
“Africa has the highest youth population in the world, but more than 60 percent of the continent’s youth are unemployed,” Bademosi stated in a statement. “Gaming offers a unique chance to back young Africans gain money and lift themselves and their families out of poverty. MVM’s seed sale guarantees opportunities for millions of gamers in these emerging markets.”
What began as a gaming guide presenting play-to-earn over scholarships to more than earn $1,000 per month, according to the platform’s plan for users) from free-to-play web 2 games and crypto games as Axie Infinity and Pegaxy has grown to a 100,000 member strong-community across an ecosystem involving 2000+ gamers, 10,000 Telegram and 20,000 Discord members.
Meantime, MVM revealed that it is developing a social gaming app called Hyper that will be launched soon. Simultaneously, Bademosi said in the interview that the gaming DAO platform was working on releasing 10 web2 games (mostly hyper-casual games in various genres), consisting of Candy Blast – its version of Candy Crush – Wordler, Kong Clumb and Electron Dash.
As MVM doesn’t have a certain date for its token’s public release, Bademosi gives a tentative answer of “12 months” when asked. Additionally, MVM tokens are locked for 12 months at the Token Distribution Event and unlocked in quarterly installments for 30 months. Besides, the CEO mentioned that further details on the utility of the governance token for MVM as part of the “build in public” ethos will be released in due course to the platform’s member community.
“Gaming guilds will be one of the mainstream DAOs and will play an essential role in game’s toconomics. Collaboration with MVM is a chance to extend the WEMIX [a global blockchain gaming platform developed by Wemade] ecosystem in Africa, a continent with a quickly growing market and a young population,” Wemade CEO Henry Chang said in a statement.
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