MVM Secures $3.2 Million in Initial Funding to Revolutionize Gaming in Africa
With this recent funding, Metaverse Magna (MVM) aims to advance its vision of creating Africa's largest gaming DAO, which offers gamers unique opportunities. This initiative, which is part of Nestcoin's portfolio, was developed in collaboration with Old Fashion Research (OFR), a versatile blockchain investment fund.
The fundraising effort garnered support from a highly regarded network of investors and strategic allies, such as Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG. This capital will play a crucial role in MVM's journey toward a world where gaming opens doors for wealth-building opportunities, irrespective of an individual's location or social background.
Launched in December 2021, MVM set out to cultivate a vibrant gaming community operating as a guild. Through this model, MVM provided play-to-earn scholarships to more than 1,000 gamers who engaged with popular crypto games such as Axie Infinity and Pegaxy. Since its inception, MVM's community has surged past 100,000 members across various platforms and initiatives. Furthermore, MVM has created additional earning avenues for both competitive and casual gamers, enabling them to monetize their engagement with free-to-play web2 games they already enjoy. To support these initiatives, MVM is in the process of launching a new social gaming application called Hyper.
Gaming serves as an effective conduit for familiarizing individuals with digital assets, crypto wallets, and potential financial rewards. With over 186 million gamers across Africa and an astounding 1 billion in emerging markets, the global mobile gaming sector generated a staggering $93 billion in revenue in 2021, surpassing even the music and online video streaming industries. MVM empowers gamers, both seasoned and casual, to leverage these growth opportunities to secure a financial income and gain access to cryptocurrency, thus leveling the economic playing field for African citizens and others in the global south.
“Africa is home to the largest youth demographic in the world, yet over 60% of young people here face unemployment. Gaming provides a remarkable avenue for young Africans to generate income and elevate their families from poverty. Our initiative through the seed sale token aims to unlock opportunities for millions of gamers within these nascent markets,” comments Yele Bademosi, CEO of Nestcoin.
“Our ambition is to cultivate the largest gaming community in Africa while equipping gamers, investors, game developers, and guild operators with the essential tools they need across our ecosystem. This investment marks a significant stride towards delivering value to all our stakeholders and advancing MVM’s capacity to offer opportunities to casual gamers through Hyper, our gaming app with an integrated virtual wallet,” shares Yemi Johnson, MVM’s General Manager.
“Joining forces to develop MVM represents a significant landmark in Old Fashion Research’s investment approach in the Global South. MVM is poised as a gateway for integrating the vast African youth population into the Web 3 and new finance landscape through gaming. We are excited to collaborate with Nestcoin in shaping MVM from its foundations and will continue to extend our support for its upcoming global partnership endeavors,” states Xin, a partner at Old Fashion Research.
“Gaming guilds are emerging as one of the leading decentralized autonomous organizations (DAOs) and will play a critical role in game economic systems. Partnering with MVM enables the expansion of the WEMIX ecosystem within Africa, a continent witnessing rapid market growth and youthful demographics,” expresses Henry Chang, CEO of Wemade.
About MVM
MVM Africa is pioneering its first and largest gaming DAO, dedicated to publishing mobile games in emerging markets and providing developers with tools to explore innovative business models within the Web3 gaming arena. Its mission is to cultivate the premier gaming community in these fast-growing regions while establishing itself as a leading game publisher.
About Nestcoin
Nestcoin Nestcoin is a collective venture focused on ensuring equitable access to economic prospects for individuals in the global south. The company develops and invests in user-friendly products designed to make cryptocurrency accessible for all.
About OFR
Old Fashion Research OFR is a multi-strategy blockchain investment fund established by leaders from some of the world's premier exchanges. The fund focuses on a range of activities, from early-stage investment to merger and acquisition processes within the blockchain sector.
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