Metaverse Magna (MVM), a gaming guild that started as a Play to Earn (P2E) platform during the 2021 crypto bull market, has evolved into a social gaming and eSports platform called Hyper.
The pivot was prompted by the bearish crypto market and the inherent tokenomics issues that had damaged many P2E games. Hyper allows gamers to play casual games for free or compete for cash rewards. The company’s pairing algorithm matches players based on their skill level to ensure fair matches, and gamers receive a share of the revenue generated by the platform.
Hyper's sustainable business model has gained traction among gamers, with over 6,000 sign-ups and a 50% stickiness rate during beta testing. The platform has a wide variety of games, with over 22 titles available, and no ads to interrupt the gaming experience.
The platform has users in Nigeria, Indonesia, and Brazil, thanks to a joint venture partnership with OFR and DUX, and the company is focusing on expanding its reach further.
Yemi Johnson, the new CEO of MVM, oversaw the pivot from P2E to social gaming. He joined MVM as its General Manager after exiting Reliance as SVP, Consumer Business, and Hotels.ng as COO. He is joined on the board by Yele Bademosi, the founder and CEO of Nestcoin.
MVM has 10 employees, including software engineers, designers, and business growth managers, all of whom have a founding equity stake in the company. Hyper's business model has produced unicorn-status startups in India, such as Dream11, which allows players to stake against each other in fantasy cricket.
With its innovative approach to social gaming and eSports, Hyper could potentially disrupt the gaming industry in a similar way. The platform is available for download on Android and iOS (in beta testing).