A seed sale token offering held by Nigeria-based gaming DAO Metaverse Magna (MVM) resulted in the company raising $3.2 million, giving it a fully diluted valuation of $30 million.
MVM is a mobile game distributor in Africa’s rapidly expanding markets and develops tools for Web3 gaming developers.
Investors included Wemade, a video game developer based in South Korea; Gumi Cryptos Capital (GCC), a Japanese venture capital firm with an investment strategy centered on blockchain technology; HashKey; Tess Ventures; LD Capital; Polygon Studios; Casper Johansen (Spartan); and IndiGG. Other investors included Tess Ventures, LD Capital; Taureon, AFF, and Taureon.
The front-end markets are where the game DAO puts out games for mobile devices. This is done to capitalize on emerging business models applicable to Web3 gaming. It operates independently as a business while yet being a part of the Nestcoin ecosystem.
The Chief Executive Officer of Nestcoin, Yele Bademosi, elaborated on the relevance of MVM’s work in the region by stating the following: “Africa has the largest youth population in the world, but more than sixty percent of the continent’s young people are unemployed.
Young people in Africa have a unique opportunity to generate income and lift themselves and their families out of poverty through the medium of gaming. MVM’s seed sale token guarantees chances for millions of gamers in these developing areas. Young people in Africa have a unique opportunity to generate income and lift themselves and their families out of poverty through the medium of gaming. In these still-emerging gaming markets, the seed sale token that MVM is offering ensures opportunities for millions of players.
Shortly, MVM wants to release Hyper, a social gaming program, and ten hypercasual Web 2.0 games like Candy Kong Club, Blast, Wordle, and Electron Dash.