NIGERIA – Metaverse Magna (MVM), a crypto gaming platform, has secured a US$3.2 million seed funding round for the expansion of the WEMIX ecosystem in Africa.

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).

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,” said Henry Chang, CEO of Wemade, in a statement.

“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.”

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 US$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.

“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.

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.

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