This February, focused on Africa and emerging markets Nestcoin Including crypto content platform Breach Club and gaming guild Metaverse Magna (MVM), they have raised a pre-seed round to build, operate and invest in its Web3 applications. Nine months after launching last December, a token round of post-seed sales has completed $3.2 million at a $30M fully developed value.
MMM has partnered with multi-strategy blockchain investment fund Old Fashion Research (OFR), South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (GCC), and welcomed the participation of investors including HashKey. , Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan) and IndiGG. In a statement, MMM said the funding will “expand its efforts to build Africa’s largest gaming DAO and provide players with world-class opportunities.”
There are over 3 billion gamers who spend $200 billion+ on consoles and in-app purchases like NFT. Emerging markets, including Africa, account for 30% of this number. Platforms like MVM see games as a way to introduce these millions of users to web3.
The Game DAO publishes mobile games in frontier markets and creates developer tools for game creators to take advantage of emerging business models in Web3 gaming. When asked why MVM needed to raise money after African Web3 startup closed a $6.45 million round earlier this year, Nestcoin CEO Yelle Bademosi said in an email interview that it operates as an independent company as part of the broader Nestcoin ecosystem.
In a statement, Bademosi said, “Africa has the highest youth population in the world, but over 60% of the continent’s youth are unemployed. “Games provide a unique opportunity to help young Africans lift themselves and their families out of poverty. The MVM seed sale token ensures opportunities in these emerging markets for millions of players.
It started as a gaming group and offers scholarships to over 1,000 players (up to $1,000 per month for users depending on the platform) to play free-to-play games from Web 2 and crypto games like Axie Infinity and Pegaxy. It has grown to a 100,000-member-strong community, including 2,000+ players, 10,000 Telegram and 20,000 Discord members.
Meanwhile, MMM said it is developing a social gaming app Hyper that will launch soon. At the same time, in the interview, Bademosi stated that the DAO platform of the game is working to launch 10 web2 games (mostly the most common games in different genres), including Candy Blast – a version of Candy Crush – Wordler, Kong Clumb and Electron. Dash
While MMM doesn’t have a public launch date for the token, Bademosi responded with a tentative “12 months” when asked. Additionally, MVM tokens will be locked for 12 months at the token distribution event and unlocked for 30 months every quarter. The CEO also noted that more details regarding MMM’s management token service will be released in due course to the platform’s member community as part of a “public development” ethos.
“Gaming teams will be one of the main DAOs and play an important role in gaming tokenomics. The partnership with MVM is an opportunity to expand the WEMIX ecosystem.” [a global blockchain gaming platform developed by Wemade] In Africa, a continent with a fast-growing market and a young population,” Wemade CEO Henry Chang said in a statement.
