Decentralized Autonomous Organizations (DAOs) made a lot of waves in 2021, which created a meaningful impact on the way gaming organizations operate, do fundraising, build communities, and develop new games.
To expand its efforts to build Africa’s largest gaming DAO, as well as provide gamers with access to world-class opportunities, Metaverse Magna (MVM), a blockchain gaming platform, recently raised $3.2 million in a seed sale token round.
This second venture to be publicly announced by Nestcoin, Metaverse Magna, was incubated in partnership with old fashion research, a multi-strategy blockchain investment fund, as well as participation from 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.
In a statement, Metaverse Magna (MVM) disclosed that the funding will expand its efforts to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”
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, it is interesting to note that the venture has grown to over 100,000 members across its products and community.
There are over 3 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; platforms like MVM see games as one way to introduce these millions of users to web3.
According to the CEO of Metaverse Magna, Yele Bademosi, he said;
“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.”
He further disclosed that his previous contributions to the African blockchain ecosystem are not enough to drive mainstream adoption. He disclosed that the evolution of crypto utility adoption in Africa is going to be driven by these applications that the everyday person can use.
