At its peak, MVM’s gaming guild had 1,200 scholars on play to earn games and brought in monthly revenues of ~$60K.

As the crypto market turned bearish, MVM adapted its business model to fix the inherent tokenomics problems that had wrecked the economies of many P2E games while also talking to its users to understand what they disliked about P2E games. The result was Hyper.

Hyper is a social gaming & eSports platform that allows gamers to play fun, casual games in both free and competitive matches, and make money. Gamers love the product because:

Hyper’s business model is sustainable and has produced unicorn-status startups in India, such as Dream11. Dream11 allows players stake against each other in fantasy cricket.

Yemi Johnson leads MVM as the CEO. He joined MVM as its General Manager after exiting Reliance as SVP, Consumer Business, and Hotels.ng as COO. During this period, he grew MVM to its highest revenue months and oversaw the business’s pivot.

Yele Bademosi, founder and CEO of Nestcoin, will serve on Metaverse Magna’s board. 

According to Yele Bademosi, “Nestcoin’s decision to spin out MVM showcases our dedication to promoting innovation and empowering emerging businesses that make crypto accessible. By giving MVM the autonomy to steer its own path, Nestcoin not only accelerates MVM’s progress, but also fuels the expansion of the entire web3 ecosystem.”

MVM still operates the gaming guild with little overhead and it is focused on Hyper which has users in Nigeria, Indonesia, and Brazil via a joint venture partnership with OFR (a VC fund) and DUX (A Brazilian gaming guild). MVM has 10 employees consisting of software engineers, designers, and business growth managers who all have a founding equity stake in MVM.

Hyper is still in its beta but has over 6,000 sign-ups with a 50% stickiness rate. Here’s how you can access Hyper.

Yemi Johnson had this to say about Hyper. “If Messi was born in the 1900s, he would never have made any money from football or be known for his talent. Fast forward 100 years later and Messi and many people earn a living from football.

This same dynamic happened in console and PC gaming with no one caring about the top pro players in core games like FIFA and Call of Duty, and now millions of people care and thousands of gamers make a living from these games via eSports.

Playing fun games on your mobile phone is work and people build skills in these games, so they deserve to be able to monetize their skills. Scholars from our gaming guild felt this way and wanted a solution that was long-term and sustainable, so we built Hyper to solve their problem. Mobile gaming is a billion-person activity and we’re innovating in a new era in social gaming.”

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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.

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Nestcoin will leverage the fund to expand its global operations and invest in more products to accelerate crypto adoption and financial freedom for people in frontier markets.

Yele Bademosi, who previously founded Microtraction, Binance and Bundle, alongside Taiwo Orilogbon, co-founded Nestcoin with the goal to democratise access to economic opportunities presented by crypto and web3, making it simple and accessible to everyday people.

Last year, the company launched Breach, its media arm created to advance crypto education globally, and Metaverse Magna (MVM), a crypto gaming guild that helps users earn up to $1,000 per month. Nestcoin also has several other products in the pipeline, designed to provide compelling use cases for crypto.

MVM has had over 2,000 applications since its launch. However, only 400 gamers are currently live on the platform, a number the company is looking to increase to 1,000 before next quarter – for context, some of the largest guilds have a player size of around 2,000 to 3,000.

The $6.45 million in funding comes from a global group of investors, including Distributed Global, Alter Global, Serena Ventures, Alameda Research, A&T Capital, MSA Capital, 4DX Ventures, Raba Capital, Goat.vc, Social Capital, Old Fashion Research, CMT Digital, Electric Capital, Social Capital, CoinFund, gumi Cryptos Capital, and DeFi Alliance, among others.

“We are excited that our investors are backing this ambitious plan to create a future where billions of people in frontier markets have access to the opportunities that crypto brings. With this financing, we will continue to grow our diverse team, which already spans nine countries, expand our product offerings, and invest in more ventures aligned with our vision,” Bademosi said.

Nestcoin also hopes to introduce its DeFi projects by Q2 this year. In addition to that, the company will be exploring ways in which content creators on the platform can earn crypto while educating its 6,000 subscribers with structured learning paths.

The company’s pre-seed round is the second-largest in Africa and largest in Nigeria as well as sub-Saharan Africa right now and will be used to develop more products and improve existing ones.

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