Metaverse Magna raises $3.2M at a $30M valuation, Africa’s largest gaming DAO on the way


  • MVM and similar platforms can introduce millions of users to web3.
  • Additional information regarding the utility of the governance token will be shared with the community.
  • Gaming guilds is going to be among the major DAOs that will have a significant part in game tokenomics.

Africa and Nestcoin raised a pre-seed round with an intent to create, operate and invest in web3 apps along with Breach Club, crypto content platform and Metaverse Magna (MVM), gaming guild.  

After being launched in December, Metaverse Magna has accomplished a seed sale token round of $3.2 million at valuation of $30 million.

MVM collaborated with Old Fashion Research to welcome participation from investors like Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), Polygon Studios, Tess Ventures, South Korean video game developer Wemade, Casper Johansen (Spartan), HashKey, Taureon, IndiGG, AFF and LD Capital. 

According to MVM, the funds will support in expanding the efforts to create Africa’s largest gaming DAO to offer gamers access to top-notch opportunities. 

Yele Bademosi, Nestcoin CEO, said that the gaming DAO publishes mobile games frontier markets as well as makes developer tools to use leading business models in web3 gaming.  

He further said that though Africa is a land with the highest youth population worldwide, 60% of them are unemployed. 

Through gaming, the youth can get opportunities to earn and put an end to poverty for their families. MVM’s seed sale can help in achieving this. 

MVM is creating a soon-to-launch Hyper, a social gaming app. Bademosi also shared that  the gaming DAO platform was attempting to launch 10 Web 2.0 games including Candy Blast, Electron Dash and Kong Clumb.

Though there’s no fixed date to launch the token, Bademosi has shared a tentative duration of 12 months. Also, MVM tokens will be locked for 12 months after the Token Distribution Event. It will unlock in quarterly installments for a total of 30 months. 

Henry Chang, CEO of Wemade, said

Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics. Partnership with MVM is an opportunity to expand the ecosystem of WEMIX [a global blockchain gaming platform developed by Wemade] in Africa.