Magna, MVM, Africa’s first and largest crypto gaming DAO, is sponsoring anyone with internet access and a commitment to better the quality of their life with a rare opportunity to earn up to $1,000 a month playing crypto games.
To engage into the play-to-earn crypto gaming sector, participants are often forced to purchase pricey gaming assets.
People are still perplexed as to what the metaverse is or could be. millions of dollars, on the other hand, are being invested in this virtual realm.
BusinessToday announced on November 29, 2021, that Tokens.com, a Canadian investment firm, has spent $2.5 million on a virtual land in the metaverse. Decentraland, a blockchain-based virtual realm, was used to purchase the land.
Surprisingly, the land has a physical address. It is situated in Decentraland’s fashion street district. In the metaverse, a location where fashion displays and even concerts will take place.
While the concept remains implausible, the quantity of money invested is extremely real. Decentraland raised $26 million in 2017 through Initial Coin Offerings (ICOs).
Facebook, one of the world’s most valuable firms, has renamed itself Meta and invested $50 million in metaverse research.
Despite the fact that the metaverse appears to be the future that everyone should be a part of, there are still significant hurdles to access, such as money and knowledge.
The cheapest parcel of Decentraland land is 3ETH ($12,000). Aside from being prohibitively expensive, how can one locate land in a virtual world?
However, lands aren’t the only type of investment available in the metaverse; gaming is also available.
Metaverse Magna (MVM), a new Nestcoin product, is paving the way for Africans to enter the metaverse through gaming.
What is metaverse gaming all about?
Gaming is pretty much the same whether it’s in the metaverse, on a PlayStation, or on a mobile device. Gaming, on the other hand, is done a little differently in the metaverse.
Axie Infinity is the most well-known metaverse game platform to date. Unlike traditional games, Axie Infinity is built on the blockchain, which means you can use cryptocurrencies to buy and sell characters, upgrades, and power-ups.
The platform, which was founded in 2018 by a Vietnamese firm called Sky Mavis, is now worth $3 billion.
It’s simply called Axie, and it allows players to make up to $2,000 every month.
In August of this year, the platform’s user base rose to 1.8 million, with the Philippines accounting for almost 40% of the total.
Where does Metaverse Magna from Nestcoin fit in?
On Axie Infinity, you must own gaming animals or a variety of assets to access the brightly colored metaverse with strange-looking game characters.
These creatures, no matter how bizarre they appear, are not inexpensive. Game assets can cost as much as $1,500, according to Rest Of World. That’s more than 2000% more than Nigeria’s minimum salary.
According to KLA, a market research and data specialized organization, barely 3% of cryptocurrency owners in South Africa have more than $3,000 in cryptocurrency.
While the high cost of Axie assets is a deterrent, the metaverse is still in its infancy, and few individuals know how to get in.
MVM, a Nestcoin project, intends to assist players in obtaining these creatures in exchange for a share of their earnings. For gaming, something akin to AltSchool.
“We’re financing everyone with Internet access and a desire to improve their quality of life by giving them the option to make a job playing crypto games,” stated MVM General Manager.
MVM would buy the assets, create gaming accounts, and lend the accounts to individuals who were prepared to study, play, and profit, she added.
“As the players play, they earn bitcoin, which we split between ourselves and the players: the players keep 70% of the earnings based on performance, and we keep 30%.”
Scholarships for gamers began in the Philippines.
Last year, while the rest of the globe was dealing with the epidemic and lockdowns, the Philippines was dealing with typhoons and floods. When finding work became nearly impossible, several people turned to gaming.
“Workers in the Global South are making a career playing the blockchain game, Axie Infinity,” according to Rest Of Worlds.
There are sites in the Philippines, such as MVM, that provide scholarships to gamers. Yield Guild Games (YGG), for example, manages up to 4,7000 players, or scholars as they’re known.
Even venture capitalists are investing.
In August of this year, YGG raised $4.6 million to advance play-to-earn gaming. It wants to buy further gaming properties and onboard more scholars after claiming to have made up to $8.6 million with Axie Infinity.
MVM is already making inroads into the crypto gaming space, while being nowhere near YGG.
“We’ve been doing the experiment for a few months now. “We already have roughly 130 players participating in the games as part of our scholarship program,” Umeaka added.
MVM, on the other hand, is a decentralized autonomous organization, unlike YGG (DAO). This means that MVM is a group of players, community administrators, and developers.
Players are instructed and schooled in techniques that will assist them in winning games. Despite the fact that MVM appears to be more centralized than decentralized, Umeaka claims that it will be a DAO with its tokens, having gamers and investors as stakeholders.
Old Fashion Research (OFR), a multi-strategy blockchain investment fund, partnered with MVM to create MVM. Yele Bademosi, CEO and Co-Founder of Nestcoin, believes that the play-to-earn metaverse has the potential to lift many Africans out of poverty.
Middle, Eastern, and Western Africa, on the other hand, still have low Internet penetration rates of 26%, 24%, and 42%, respectively. 59.5 percent is lower than the global average.
With the amount of volatility involved with all things crypto, it’ll only be a matter of time until we can declare for certain that crypto gaming will remain valuable.