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Metaverse Magna mints $3.2M to develop Africa’s largest gaming DAO

Metaverse Magna (MVM), Africa’s crypto-gaming community, has secured $3.2M in a seed sale token round at a $30M fully diluted valuation.

The fund was raised from investors such as Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG.

The platform will use the funds to accelerate its effort to build “Africa’s largest gaming DAO and provide gamers access to world-class opportunities.”

Yele Bademosi, CEO of Nestcoin, says, “Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed. 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.”

MVM is working to break down gaming barriers in Africa by giving individuals the opportunity to play, earn and grow their wealth without having to purchase any gaming assets.

Supporting Africa P2E gamers

Founded by Yele Bademosi and Dr. Carla Woydt in 2021, Metaverse Magna is an African P2E guild project supporting Africa P2E gamers and developers. The platform provides Play-to-Earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy.

MVM claims its customer base has grown to over 100,000 members across its products and community. Further, the platform is building a soon-to-launch social gaming app — Hyper, reports TechCrunch.

Yemi Johnson, MVM’s General Manager, said, “Our goal is to build Africa’s largest gaming community while providing the tools across the ecosystem for gamers, investors, game developers, and guild operators. We believe this investment is a huge leap in creating value for all our stakeholders and facilitating the expansion of MVM’s operations to provide opportunities for casual gamers through Hyper, our social gaming app with an embedded virtual wallet.”

Henry Chang, CEO of Wemade, says, “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 in Africa, the continent with a rapidly growing market and a young population.”

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