Video game developing company, Wemade has announced a strategic investment in Metaverse Magna (MVM), a P2E guild project from Africa. The blockchain gaming platform has raised $3.2 million in a seed funding round.
With this investment, MVM plans to expand its efforts to build Africa’s largest gaming DAO, as well as provide gamers with access to world-class opportunities.
Additionally, Wemade aims to expand the ecosystem of WEMIX3.0 and start operations in Africa in the long term.
Henry Chang, CEO of Wemade, commented on the partnership saying, “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in the game tokenomics. Our 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.”
With over 186 million game users in Africa, MVM aims to create the biggest gaming community in Africa and provide tools for users, investors, developers, and guild operators within the ecosystem.
Yele Bademosi, CEO of Nestcoin, MVM’s parent company, and former director of Binance Labs in Africa also pointed out that Africa has the highest youth population globally but most of them are unemployed therefore there is potential growth in the game industry in Africa.
He 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.”
Also with MVM as Africa’s first and biggest gaming DAO, Nestcoin supports the overall P2E game lifecycle of various P2E games that it has invested in, such as incubation, launchpad support, token/NFT public sales, and game operation.
Furthermore, MVM is helping gamers in Africa through its community and self-developed app, Hyper. It plans to expand its business by providing guild management tools through developing its own OS, P2E game software design kit for game developers, gaming DeFi services, and more.