Metaverse Magna (MVM), a blockchain gaming platform, has raised a $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities. The second venture to be publicly announced by Nestcoin, Metaverse Magna, was incubated in partnership with Old Fashion Research, a multi-strategy blockchain investment fund.
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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 scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. Since its launch, the venture has grown to over 100,000 members across its products and community.
Newzoo, a game analytics company, reported that gamers in sub-Saharan Africa increased to 186 million in 2021 from 77 million in 2015. The report also states that 95% of the market is on mobile phones, reflecting the continent’s improved internet access and affordable smartphones.
Nestcoin’s CEO and co-founder, Yele Bademosi, said that the opportunity for Metaverse Magna came from the number of gamers on the continent, combined with the absence of any platform that operated at the intersection of cryptocurrency and gaming on the continent.
Bademosi added that his main driving force has been to see digital assets adopted more widely in the mainstream and used as a tool for economic transformation. As a founding partner at Microtraction, Bademosi has invested in several Web 3-based African companies like Buycoins, Yellow Card, and Bitsika. He also helped Binance’s expansion into Africa before founding Bundle, a social payment platform for cash and cryptocurrencies.
According to him, his previous contributions to the African blockchain ecosystem are not enough to drive mainstream adoption. “The evolution of crypto utility adoption in Africa is going to be driven by these applications that the everyday person 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 $93 billion in revenue in 2021, making it bigger than other digital industries like music and online movie streaming. While giving gamers access to crypto, Metaverse Magna empowers competitive and casual gamers to earn an income from the opportunities within this growing industry.