Metaverse Magna (MVM), a Nestcoin gaming DAO based in Nigeria that distributes mobile games in emerging African markets and builds developer tools for Web3 gaming, has completed a seed sale token round of $3.2 million at a $30M fully diluted value.
Investors included South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG.
Elaborating on the importance of MVM’s work in the region, Nestcoin CEO Yele Bademosi explains: “Africa has the highest youth population globally, but over 60% of the continent’s youth 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.”
Of the three 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. MVM plans to use the funding to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities” by introducing millions of African gamers to web3.
Henry Chang, CEO of Wemade and one of the investors, said in a statement: “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.”
Soon, MVM plans to launch Hyper, a social gaming app, ten hypercasual Web 2.0 games, including Candy Blast, Wordler, Kong Clumb and Electron Dash, and its own token.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.