Nestcoin’s Metaverse Magna, new product from Nestcoin, aims to help Africans get rich by playing games in metaverse

Many people are still not sure what the metaverse could or might be.

Screenshot 2021 12 15 125427

But, this virtual universe is attracting millions of dollars.

BusinessToday.in reported on November 29th, 2021 that Tokens.com, a Canadian investment firm, had spent $2.5 Million on a virtual world in the metaverse.

The land was purchased on Decentraland, a virtual world that uses blockchain technology.

The land is unique in that it has an address. It is located in Decentraland’s fashion street district. It will host fashion shows and possibly concerts in the metaverse.

Although the idea seems implausible, the investment amount is very real.

Decentraland raised $26 Million in Initial Coin Offerings, (ICO) in 2017.

Facebook, one the world’s most valuable companies, has changed its name Meta and spent 50 million researching the metaverse.

The metaverse may seem like the future, but there are major barriers to entry. These include education and money.

The lowest priced piece of Decentraland Land costs 3ETH or roughly $12,000. It is also very expensive. How can one find land in a virtual universe?

Gaming is another form of investment in the metaverse.

Nestcoin’s new product Metaverse Magna is a way for Africans to enter the metaverse via games.

Gaming is the same whether it’s on the PlayStation 4, in the metaverse or on mobile devices.

Gaming is done differently in the metaverse.

Axie Infinity has been the most well-known metaverse gaming platform. Axie Infinity is a game that runs on blockchain technology. This allows you to buy and sell characters, power-ups, and upgrades with cryptocurrency.

The platform was created by Sky Mavis in Vietnam in 2018. It is currently valued at $3Billion.

It is also known as Axie and allows gamers to make as much as $2,000 per month.

The number of gamers on the platform has risen to 1.8 million by August this year. About 40% of them are from the Philippines.

You will need assets to enter the brightly-coloured metaverse featuring strange-looking characters from Axie Infinity.

KLA, a market research and data specialist firm found that only 3% have crypto assets in South Africa. They own up to $3,000 in cryptocurrencies.

Although expensive Axie assets can be a barrier to entry, many do not know how to get into the metaverse.

Nestcoin’s MVM aims to assist players in obtaining these creatures and offer a portion of their earnings. It could be AltSchool. Gaming.

MVM General Manager Onyinye Umeaka spoke to Techpoint Africa. He stated, “We are sponsoring anybody out there with internet access, and just the commitment of improving their quality life with the opportunity to make a living playing crypto games.”

MVM would acquire the assets, create gaming accounts, and lend the accounts out to players who are willing to learn, play and earn.

“Players earn cryptocurrency as they play. Based on their performance, we split the earnings between ourselves and players. The players keep 70% and we keep 30%.”

In the Philippines, gaming scholarships were established

The rest of the world was faced with the pandemic, lockdowns, and other challenges last year. However, the Philippines was also hit by floods and typhoons. Some people turned to gaming to help them get work.

Rest Of Worlds “Workers in the Global South make a living playing Axie Infinity, a blockchain game.”

There are many platforms like MVM in the Philippines that offer scholarships for gamers. Yield Guild Games (YGG) is an example. It manages up to 4,7000 scholars or players.

Even VCs invest

YGG raised $4.6 Million in August to help accelerate play-to-earn gaming. It claims to have made up to $8.6million with Axie Infinity.

MVM is making progress in crypto gaming, even though it’s not as big as YGG.

“We’ve been running this experiment for a few months now. Umeaka stated that there are actually 130 players who have already started to play the games in our scholarship program.

MVM, unlike YGG is a decentralised autonomous organization (DAO). MVM is therefore a community that includes community managers and development managers.

The coaches and players train them on strategies to win.

MVM appears more centralised than decentralised. Umeaka stated that it would be a DAO with its tokens, where investors and gamers will be the stakeholders.

MVM was developed in partnership with Old Fashion Research, a multi-strategy investment fund using blockchain technology.

Yele Bademosi is the Nestcoin CEO, and co-founder. He believes that the play-to earn metaverse could help a lot more Africans get out of poverty.

However, the Internet penetration rates in Middle, Eastern and Western Africa are still low at 26%, 24% and 42% respectively. This is lower than the global average of 59.55%.

It’s only a matter time before we can be certain that crypto gaming will not become less volatile due to the volatility of everything crypto-related.

Get latest news from African Startup ecosystem

Latest stories

You might also like...