Nigeria’s Crypto Fintech Metaverse Magna Secures $3.2m Funding, Names New CEO

Yemi Johnson

Metaverse Magna (MVM) began as a Play to Earn gaming guild in the 2021 crypto bull market that saw Play 2 Earn (P2E) games dominate the landscape. At its peak, MVM’s gaming guild had 1,200 scholars on play to earn games and brought in monthly revenues of $60K.


As the crypto market turned bearish, MVM adapted its business model to fix the inherent tokenomics problems that had wrecked the economies of many P2E games while also talking to its users to understand what they disliked about P2E games. The result was Hyper.

Hyper is a social gaming & eSports platform that allows gamers to play fun, casual games in both free and competitive matches, and make money. Gamers love the product because:

It contains a wide variety of casual games, with over 22 game titles available and 7 currently listed within the app.

Unlike many hypercasual games on the app store and playstore, there are no ads, which means there is no interruption to the gamer’s experience.

Gamers can play for free and improve their skills, and our pairing algorithm on PvP games (player vs plager games) matches players with similar skills together so that the match is fair.

Gamers share in the company’s revenue. Money the company makes is distributed back to gamers as a reward for being active.

Gamers appreciate that games are based on skill and that their ability to win is determined by their skill level. This is unlike sports betting, where players gamble on an unpredictable outcome.

Hyper’s business model is sustainable and has produced unicorn-status startups in India, such as Dream11. Dream11 allows players stake against each other in fantasy cricket.

Yemi Johnson leads MVM as the CEO. He joined MVM as its General Manager after exiting Reliance as SVP, Consumer Business, and as COO. During this period, he grew MVM to its highest revenue months and oversaw the business’s pivot. Yele Bademosi, founder and CEO of Nestcoin, will serve on Metaverse Magna’s board.

Yele Bademosi said, “Nestcoin’s decision to spin out MVM showcases our dedication to promoting innovation and empowering emerging businesses that make crypto accessible. By giving MVM the autonomy to steer its own path, Nestcoin not only accelerates MVM’s progress, but also fuels the expansion of the entire web3 ecosystem.”

MVM still operates the gaming guild with little overhead and it is focused on Hyper which has users in Nigeria, Indonesia, and Brazil via a joint venture partnership with OFR (a VC fund) and DUX (A Brazilian gaming guild). MVM has 10 employees consisting of software engineers, designers, and business growth managers who all have a founding equity stake in MVM.

Hyper is still in its beta but has over 6,000 sign-ups with a 50% stickiness rate.

Johnson added:”If Messi was born in the 1900s, he would never have made any money from football or be known for his talent. Fast forward 100 years later and Messi and many people earn a living from football. This same dynamic happened in console and PC gaming with no one caring about the top pro players in core games like FIFA and Call of Duty, and now millions of people care and thousands of gamers make a living from these games via eSports.

Playing fun games on your mobile phone is work and people build skills in these games, so they deserve to be able to monetize their skills. Scholars from our gaming guild felt this way and wanted a solution that was long-term and sustainable, so we built Hyper to solve their problem. Mobile gaming is a billion-person activity and we’re innovating in a new era in social gaming.”

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