• Fri. Feb 3rd, 2023

Nestcoin Incubated Metaverse Magna Raises $3.2 Million to Scale Crypto Gaming Wealth-Builder

ByJoan Aimuengheuwa

Sep 5, 2022
Read Time:2 Minute, 18 Second

African blockchain gaming community, Metaverse Magna (MVM), has closed a $3.2 million seed sale token round to scale efforts in ensuring equal wealth-building opportunities across the world, through gaming.

Metaverse Magna is a new product of Nestcoin launched in November 2021 with a mission of becoming Africa’s first and largest crypto-gaming DAO empowering a new wave of gamers to play, earn and grow wealth.

Through the platform, gamers can compete and earn in crypto, as well as build a network of like-minded individuals. 

Incubated in partnership with Old Fashion Research (OFR), a multi-strategy blockchain investment firm, Metaverse Magna raised its seed round from investors such as Wemade, Tess Ventures, LD Capital, Taureon, Gumi Cryptos Capital, HashKey, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG.

A little after launch, Metaverse Magna offered play-to-earn scholarships to over 1,000 gamers to play crypto games like Axie Infinity and Pegaxy. The startup has grown to over 100,000 members across its products and community, with earning opportunities added for competitive and casual gamers, allowing them earn from free-to-play web2 games they already love.

The platform plans to launch a social gaming app called Hyper, which would facilitate its goal achievement.

Yele Bademosi, CEO of Nestcoin, said: “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.”

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,” noted Yemi Johnson, MVM’s General Manager.

Xin, Partner at Old Fashion Research, also highlighted that: “Co-building MVM is a strategic milestone for Old Fashion Research’s Global South investment strategy. MVM offers a gateway to onboard massive African youth populations to the Web 3 and neo-finance ecosystem via gaming. We are happy to build together with Nestcoin to formulate the MVM initiatives from scratch and will continue to support the MVM’s future expansion in terms of global partnership development.”

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,” added Henry Chang, CEO of Wemade.


Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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