Metaverse Magna (MVM) recently announced it closed a seed token sale round of $3.2 million, giving the organization a $30 million fully diluted valuation. This comes just nine months after the company launched in Africa. In a statement, MVM said that these funds will be used to build “Africa’s largest gaming DAO” while providing gamers “with access to world-class opportunities.”
MVM was developed as part of a partnership with the blockchain investment fund Old Fashion Research. Other investors in this token sale include Wemade, Gumi Cryptos Capital, HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG.
“Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed,” said Nestcoin CEO Yele Bademosi in a statement. “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.”
MVM was founded as a way to introduce millions of gamers in African markets to the Web3 space. The organization originally started out as a gaming guild that offered P2E scholarships to over 1,00 gamers in the form of free-to-play Web2 games and crypto games. However, since then, the MVM community now boasts over 100,000 users playing 2,000+ games.
(All information was provided by TechCrunch)
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