MVM Raises $3.2M Seed Funding Round To Transform Gaming in Africa
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Metaverse Magna (MVM) has announced the completion of 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. Metaverse Magna was the second venture to be publicly announced by Nestcoin and was incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR).
The fundraiser was supported by a network of reputable investors and strategic partners, including Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. The funding will be instrumental in MVM realizing its vision of a world where everyone has equal access to wealth-building opportunities through gaming, regardless of their geographic location or social status.
MVM launched in December 2021, building its community of gamers as a gaming guild. With this model, MVM offered play-to-earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. Since its launch, MVM has grown to over 100,000 members across its products and community. MVM added earning opportunities for competitive and casual gamers, allowing them to earn from free-to-play web2 games they already love. To facilitate this, MVM is building a soon-to-launch social gaming app called Hyper.
Gaming is an efficient way to introduce people to digital assets, crypto wallets, and financial rewards. There are over 186 million players in Africa and 1 billion in frontier markets. 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. MVM empowers competitive and casual gamers to earn an income by taking advantage of the opportunities within this growing industry while giving them access to crypto. This will level the financial playing field for Africans and the rest of the global south.
“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,” says Yele Bademosi, CEO of Nestcoin.
“Our goal is to build Africa’s largest gaming community while providing the tools across the ecosystem for gamers, investors, game developers, and guild operators. We believe this investment is a huge leap in creating value for all our stakeholders and facilitating the expansion of MVM’s operations to provide opportunities for casual gamers through Hyper, our social gaming app with an embedded virtual wallet,” says Yemi Johnson, MVM’s General Manager.
“Co-building MVM is a strategic milestone for Old Fashion Research’s Global South investment strategy. MVM offers a gateway to onboard massive African youth populations to the Web 3 and neo-finance ecosystem via gaming. We are happy to build together with Nestcoin to formulate the MVM initiatives from scratch and will continue to support the MVM’s future expansion in terms of global partnership development.”, says Xin, Partner at Old Fashion Research.
“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 in Africa, the continent with a rapidly growing market and a young population,” said Henry Chang, CEO of Wemade.
MVM is Africa’s first and largest gaming DAO that publishes mobile games in frontier markets and creates developer tools for game creators to utilize emerging business models in Web3 gaming. Its vision is to create the premier gaming community in emerging markets and become a dominant gaming publisher.
Nestcoin is a venture collective that strives to create equal access to economic opportunities for people in the global south. Nestcoin builds, operates, and invests in simple products that make crypto accessible to everyone.
Old Fashion Research is a multi-strategy blockchain investment fund founded by executives from the world’s leading exchange. OFR covers from early-seed investment to mergers and acquisitions in the blockchain industry.
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