The web 3 based gaming platform Metaverse Magna has raised $3.2 million in its seed token sale round to build Africa’s largest gaming DAO.
The African based blockchain company Metaverse Magna recently hit the internet when it announced the successful raise of $3.2 million to build the largest gaming DAO in Africa.
Metaverse Magna was founded in 2021 as a game guild and since its launch has helped thousands of African gamers get access to funding to play popular and well-earning play-to-earn blockchain games such as Axie Infinity and Pegaxy.
It is no new news that the gaming sector is one of the largest in Africa. According to a recent survey, it was discovered that the African gaming sector is made up of over 180 million people.
This of course presents a huge market potential, one of which the gaming DAO is positioning to leverage on with the expansion of the gaming guild.
According to the co-founder, Yele Bademosi
“The opportunity for Metaverse Magna came from the number of gamers on the continent, combined with the absence of any platform that operated at the intersection of cryptocurrency and gaming on the continent”
Since its launch in 2021, Metaverse Magna has grown its user base to over 100,000 registered members.
The seed token sale was acquired in line with further expanding its reach and services to fully maximize the African gaming market.
In a time such as this where most investors and venture capitalists are skeptical of investing into any Blockchain projects, it’s a magnificent feat for the Nestcoin incubated Metaverse Magna to raise such funds.
However, due to the large potential of the African gaming sector, Yele Bademosi believes the gaming sector provides the best strategy for mainstream adoption of Blockchain technology and digital assets among Africans.
According to Henry Chang, CEO of Wemade, a South Korean video game developer:
“Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics, and our partnership with MVM is an opportunity to expand the ecosystem of WEMIX in Africa, a continent with a rapidly growing market and a young population.”
The funding round saw participation from investors such as Tess Ventures, Wemade, Taureon, Gumi Cryptos Capital, HashKey, Polygon Studios, Casper Johansen (Sparten), IndiGG and AFF.