Metaverse Magna (MVM), a blockchain gaming platform, has raised a $3.2 million token sale round to expand its efforts to build Africa’s largest gaming DAO and provide players with access to world-class opportunities. The second company publicly announced by NestcoinsMetaverse Magna, was incubated in partnership with Old fashioned searcha multi-strategy blockchain investment fund.
Launched in December 2021, Metaverse Magna builds its community of gamers as a gaming guild. With this model, Metaverse Magna offers gaming scholarships to win over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. Since its launch, the company has grown to over 100,000 members through its products and community.
According to a report by new zooa game analytics company, the number of gamers in sub-Saharan Africa has increased from 77 million in 2015 to 186 million in 2021. The report also states that 95% of the market is for mobile phones, reflecting the improvement in the internet access and affordable smartphones on the continent.
On a call with TechCabal, CEO and co-founder of Nestcoin, Yele Bademosisaid the opportunity for Metaverse Magna came from the number of gamers on the continent, combined with the lack of any platform operating at the intersection of cryptocurrency and gaming on the continent.
Bademosi added that his main driving force has been seeing digital assets adopted more widely in the mainstream and used as a tool for economic transformation. As a founding partner of MicrotractionBademosi has invested in several African Web 3 based companies like Buy coins, yellow cardand Bitsika. He also helped expand Binance in Africa before founding Packa social payment platform for cash and cryptocurrencies.
According to him, his previous contributions to the African blockchain ecosystem are not enough to drive widespread adoption. “The evolution of crypto utility adoption in Africa is going to be driven by these applications that the everyday man can use,” he said.
Gambling is an effective way to introduce people to digital assets, crypto wallets, and financial rewards. The global mobile gaming industry has generated $93 billion in revenue in 2021, which makes it more important than other digital industries such as music and online movie streaming. While giving gamers access to crypto, Metaverse Magna allows competitive and casual gamers to earn an income from the opportunities in this growing industry.
The round saw the participation of We have done, Tess Ventures, LD Capital, Bull, Capital Gumi Cryptos, Sharp touch, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. Bademosi said the approach of this diverse group of investors was strategic and necessary to make MVM’s vision a reality.
In a statement shared with TechCabal, Henry Chang, CEO of Wemade, a South Korean video game developer, said, “Gaming guilds will be one of the core DAOs and play a central role in gaming tokenomics, and our partnership with MVM is an opportunity to expand the WEMIX ecosystem in Africa, a continent with a rapidly growing market and a young population.
The rise in MVM comes at an interesting time when investors aren’t so eager to deploy funds, while those taking the risk do so at reduced startup valuations. Speaking on this, Bademosi told TechCabal that in the end, MVM optimized for value rather than lofty valuations.
“I’ve never been one to optimize valuations. Having the right mix of investors and partners on board is more important than reaching exorbitant valuations. At the end of the day, I want my investors to be convinced that they are getting a good deal; a fair price. For the increase in MVM, the valuation I had in mind was the one we ultimately increased. We may have been able to push for a higher valuation, but that’s not my mentality, and that’s something I always try to tell entrepreneurs,” Bademosi said.
The entrepreneur-investor also spoke about MVM’s intention to create a sustainable digital economy for gamers. According to him, The 60% unemployment rate in Africa is a problem that doubles as an opportunity for the more than 186 million gamers on the continent if the right infrastructure is built.
Despite The Internet penetration rate of 24% in Africa, Bademosi believes the continent is ripe for a crypto-based product like MVM. He argues that internet penetration in Africa is growing exponentially and that in the coming years hundreds of millions of Africans will be connected to the internet, then to gaming and web3.
With this increase, MVM is striving to establish itself as the pioneering and largest gaming network in Africa. Speaking of the company’s ambitions, Bademosi said: “By next year, we would like to see MVM leading the conversation on social gaming in Africa, unlocking opportunities not only for gamers, but also for game developers. games. And a decade from now, I’d like us to have the kind of impact that Tencent has had on the gaming industry in Asia. If we can do up to 2% of that, that will be amazing.