Metaverse Magna (MVM), a gaming guild owned by crypto industry player, Nestcoin, has reportedly announced that it has closed a $3.2 million seed sale token round, which has allowed it to reach a valuation of $30 million.
For the uninitiated, Nestcoin focuses on emerging African markets and recently closed a pre-seed round towards the development of its web3 applications, which also included its crypto platform Breach Club as well as MVM.
The round saw the participation of several investors including Japanese blockchain-focused VC Gumi Cryptos Capital (gCC), South Korean video game developer Wemade, Polygon Studios, IndiGG, Taureon, Tess Ventures, AFF, LD Capital, Casper Johansen (Spartan), and HashKey.
MVM stated that the funding will be used towards expansion efforts to build Africa’s largest gaming DAO and offering gamers access to world-class opportunities.
The gaming DAO platform was founded in December last year and incubated in partnership with Old Fashion Research (OFR), a blockchain investment fund.
Every year, over $200+ billion are spent by more than 3 billion games on consoles and in-app purchases, like NFTs, with emerging markets, including Africa, accounting for 30% of it.
Platforms such as MVM see games as a way of introducing web3 to millions of users. It publishes mobile games in frontier markets and builds developer tools for game makers to use emerging business models in web3 gaming.
MVM, which operates as an individual entity from Nestcoin, started as a gaming guild that offered play-to-earn scholarships to more than a 1000 gamers, who could earn up to $1,000 each month, through Web 2.0 as well as crypto games that are free to play.
MVM also stated that it is working on a social gaming app called Hyper, while Nestcoin’s CEO, Yele Bademosi, stated that the gaming DAO platform is working on launching 10 Web 2.0 games, which will include its own version of Candy Crush, Candy Blast.
Bademosi added that in approximately 12 months, MVM will launch its digital token publicly and that further details around the token will be released to its member community in due time.
Henry Chang, CEO, Wemade, stated that through the MVM partnership, Wemade will be able to expand its WEMIX ecosystem, which is a global blockchain platform, in Africa.