A seed sale token round of $3.2 million at a $30M fully diluted value was completed by Metaverse Magna (MVM), a gaming DAO that distributes mobile games in frontier markets and develops developer tools for game developers to use future revenue models in Web3 gaming.
Investors such as 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 all participated in MVM, which was incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR).
Read also Five Key Facts About the Metaverse You Need to Know
The money, according to a release from MVM, would enable it to construct “Africa’s largest gaming DAO and provide players access to chances of the highest calibre.”
“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,” said Henry Chang, CEO of Wemade, in a statement.
A Look At What The Startup Does
MVM distributes mobile games in emerging regions and produces developer tools for game developers to make use of Web3 gaming’s burgeoning business models. When asked why MVM needed to raise money after the African web3 start-up closed a $6.45 million round this year, Nestcoin CEO Yele Bademosi responded in an email interview that it functions as an autonomous entity as part of the larger Nestcoin ecosystem.
Read also Nigerian Fintech Startup Vella to Boost Borderless Money Transfers
“Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed,” said Bademosi in a statement. “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..”
Axie Infinity and Pegaxy are two examples of free-to-play web2 games and crypto games. What began as a gaming guild offering play-to-earn scholarships to over 1,000 gamers has grown to a 100,000 member strong-community across an ecosystem that includes 2,000+ gamers, 10,000 Telegram and 20,000 Discord members.
MVM said that it is constructing the Hyper social game software, which will launch soon. In the same statement, Bademosi mentioned that the gaming DAO platform was developing ten web2 games, most of which were hyper-casual games from various genres. These games included Candy Blast, which was the platform’s take on Candy Crush, Wordler, Kong Clumb, and Electron Dash.
Read also This Year’s Africa Business Heroes Finalists Eye Opener to Huge Talent Base
While MVM has not established a timeline for the public debut of its coin, Bademosi provides a preliminary “12 months” response when questioned. Furthermore, after the Token Distribution Event, MVM tokens would be locked for 12 months and unlocked in quarterly increments for 30 months. As part of the platform’s “develop in public” ethos, the CEO also stated that further information about the utility of the governance token for MVM would be disclosed to the platform’s member community in due time.
Metaverse Magna gaming
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert