Metaverse Magna, a Nigerian Gaming DAO, Raises US$3.2M Seed Funding Round

Blockchain gaming platform, Metaverse Magna (MVM) has raised a $3.2 million seed sale token round to expand its efforts to build Africa’s largest gaming DAO and provide gamers with access to world-class opportunities. The round saw participation from Wemade, a South Korean video game developer, Gumi Cryptos Capital (gCC), a Japanese venture capital firm with a blockchain-focused investment strategy, HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG.

The game DAO, which operates as a separate business within the Nestcoin Ecosystem, produces games for mobile devices in front-end marketplaces. They also create developer tools for game developers who are gaming fanatics in order to capitalize on new business models for Web3 gaming.

Launched in December 2021, Metaverse Magna is building its community of gamers as a gaming guild. With this model, Metaverse Magna offers play-to-earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. Since its launch, the venture has grown to over 100,000 members across its products and community. 

Nestcoin CEO Yele Bademosi explains on MVM’s efforts in the region, adding, “Africa has the biggest youth population globally, but over 60% of the continent’s youth are unemployed. Gaming offers a special chance for young Africans to make money and escape poverty for themselves and their families. In these developing areas, MVM’s seed sale token guarantees chances for millions of gamers.”

With this raise, MVM is pushing to cement itself as Africa’s pioneering and largest gaming network. Speaking about the firm’s ambitions, Bademosi said: “By next year, we would love to see MVM leading the social gaming conversation in Africa, unlocking opportunities not just for gamers, but also for game developers. And in a decade, I would love for us to have the kind of impact that Tencent has had on the gaming industry in Asia. If we can do up to 2% of that, it will be incredible.”

Silas Ugochi

Silas Ugochi is a Staff Writer and Content Creator at GetFundedAfrica. Ugochi is an educated content writer who relishes using her skills to help GetFundedAfrica's Media Team achieve the goal of sharing the success stories of African entrepreneurs. When she isn't writing articles, she can be found listening to music, reading, or DJing.

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