Nestcoin assisted Metaverse Magna (MVM), an African gaming community that allows gamers to send and receive payments in cryptocurrency, in raising $3.2 million.
It now has a new CEO, Yemi Johnson, who is transforming the company from a P2E gaming club to Hyper, a social gaming and eSports platform.
MVM began as a play-to-earn (P2E) gaming organization in 2021, when P2E games were the most popular. MVM’s gaming guild had 1,200 students playing games for money at its peak, and it made around $60,000 each month.
When the crypto market turned sour, Metaverse Magna (MVM) changed its business model to address tokenomics issues that had harmed the economies of many P2E games, and it asked its users what they didn’t like.
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About Metaverse Magna (MVM)’s Hyper
Metaverse Magna (MVM) runs mobile games and gaming groups. Hyper, their first mobile game, is a social gaming and eSports competition app that lets people play skill-based games against their friends and other gamers for real-money prizes.
Hyper is a social gaming and eSports platform where players can play free and competitive casual games and win money. Gamers like it because:
It has over 22 casual games in the app. No advertisements disrupt the gamer’s experience, unlike many hyper casual games on the app and Play Store. The PvP pairing algorithm pairs players with similar skills to make matches fair, and users can play for free and grow. Gamers share company revenue. The corporation rewards active gamers with its profits. Gamers understand that skill determines winning. Sports betting is different.
Hyper’s business plan is sustainable and has led to startups in India like Dream11 that have become “unicorns.” In the dream cricket game Dream11, players can bet against each other.
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MVM New CEO
CEO Yemi Johnson will oversee Metaverse Magna (MVM). He became Metaverse Magna (MVM)’s General Manager after leaving Reliance as SVP, Consumer Business, and Hotels.ng as COO. During this time, he led MVM’s pivot and revenue growth. Nestcoin founder and CEO Yele Bademosi will join Metaverse Magna’s board.
“Nestcoin’s decision to spin out MVM showcases our dedication to promoting innovation and empowering emerging businesses that make crypto accessible,” said Yele Bademosi. By letting MVM choose its own route, Nestcoin accelerates MVM’s advancement and grows the Web3 ecosystem.
Metaverse Magna (MVM) still runs the gaming guild with minimum expense and focuses on Hyper, a joint venture with OFR (a VC fund) and DUX (a Brazilian gaming guild) that has users in Nigeria, Indonesia, and Brazil. Software developers, designers, and business growth managers make up MVM’s 10 founding stockholders.
Over 6,000 people joined Hyper’s beta, which has a 50% stickiness rate. Android and iOS users can use Hyper.
Hyper, Yemi Johnson said. “If Messi had been born in the 1900s, he would never have gained money from football or been acknowledged for his skills. Messi and many others work in sports 100 years later. Console and PC gaming followed suit. Millions now follow the top pro players in core titles like FIFA and Call of Duty, and thousands of gamers make a living from eSports.
“Playing fun phone games is work,” he added. Skills should be compensated. “Our gaming guild scholars sought a long-term solution, so we created Hyper. We’re making new social games for a billion mobile gamers.