Nestcoin’s Metaverse Magna raises $3.2 million to build Africa’s largest gaming community

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Metaverse Magna (MVM), a blockchain gaming platform, has raised a total of $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming DAO and provide the local players with access to world-class opportunities.

Started in December 2021, MVM is building its community of gamers as a gaming guild. With the current model, Metaverse Magna provides play to earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. The venture has grown to over 100,000 members across its products and community.

MVM, incubated in partnership with a multistrategy blockchain investment fund, Old Fashion Research (OFR), welcomed participation from investors from all around the world, including 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.

Gaming presents a unique opportunity to help young Africans earn and lift themselves: Nestcoin CEO Yele Bademosi

In a statement, MVM said the funding will expand its efforts to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”

“The gaming DAO publishes mobile games in frontier markets and creates developer tools for game creators to utilize emerging business models in web3 gaming. It operates as an independent organization as part of the broader Nestcoin ecosystem, said Nestcoin CEO Yele Bademosi in an email interview when asked why MVM had to raise money after the African web3 upstart closed a $6.45 million round this year.

“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.”