October 7, 2022

Metaverse Magna raised $3.2 million in seed funding for its DAO Network

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Metaverse Magna (MVM) has successfully closed a $3.2 million seed sale token round at a $30 million fully diluted valuation, nine months after its introduction in December of last year. Metaverse Magna is building a gaming DAO (decentralized autonomous organisation) that lets African players earn money by playing video games.

Investors 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 all welcomed participation 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, will enable it to construct “Africa’s largest gaming DAO and give players access to chances of the highest calibre.”

Yele Bademosi, the CEO and co-founder of Nestcoin, claimed that the possibility of Metaverse Magna stemmed from the continent’s large gaming population as well as the lack of any platforms that worked at the nexus of cryptocurrencies and gaming.

Several African Web 3 firms, including Buycoins, Yellow Card, and Bitsika, have received funding from Bademosi. Before creating Bundle, a social payment platform for fiat and cryptocurrency, he assisted Binance’s expansion into Africa.

People can effectively be introduced to digital assets, cryptocurrency wallets, and financial rewards through gaming. In 2021, the global mobile gaming market generated $93 billion in sales, outpacing other digital industries, including streaming of music and movies.

Metaverse Magna enables both competitive and casual players to profit from the prospects of this expanding business while also providing access to cryptocurrency.

by Bertram Jude Buckman