This February, Africa and emerging market-focused Nestcoin raised a pre-seed round to build, operate and invest in its web3 applications, including crypto content platform Breach Club and gaming guild Metaverse Magna (MVM). Nine months after its launch last December, the latter has completed a seed sale token round of $3.2 million at a $30M fully diluted valuation.
MVM, incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR), welcomed participation from 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. In a statement, MVM said the funding will expand its efforts to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”
There are over 3 billion gamers who spend $200 billion+ yearly on consoles and in-app purchases such as NFTs. Emerging markets, including Africa, account for 30% of this number; platfor …
