EMURGO Africa’s Adaverse Invests in Blockchain Platform, Diagon Studios, to Advance Cardano Web3 Adoption
PRESS RELEASE — September 16, 2022
Adaverse, a Cardano-focused joint accelerator venture, has announced a strategic investment in Diagon Studios, a Nigerian gaming technology company focused on the development and distribution of hyper-casual games, utility, and NFTs through simple play-to-earn (P2E) models.
Adaverse was launched in September 2021 as a joint venture partnership between EMURGO Africa and Everest Ventures, to identify and provide valuable support resources to promising African founders building the next wave of Web3 dApps in DeFi, NFTs, gaming, metaverse, and more on Cardano’s environmentally-sustainable blockchain. EMURGO Africa is one of the investment arms of EMURGO, a founding entity of the Cardano blockchain.
What is Diagon Studios?
Diagon Studios is a Nigerian blockchain GameFi platform focused on deploying P2E hyper-casual games on the blockchain to help break barriers in the Web3 gaming industry. Founded by Jeremiah Onojah, a seasoned engineer with years of experience building solutions in the Web2 and Web3 spaces, Diagon Studios bridges the gap between work and play by introducing the unique value of blockchain and digital assets with a multifunctional dApp (decentralized application). Diagon intends to scale its platform and issue digital tokens on the Cardano blockchain, one of the largest blockchain networks by market capitalization.
Diagon believes that video games should remain highly entertaining, less complex, and readily accessible while offering realistic earning prospects for everyone with a mobile phone.
Presently, Diagon Studios is rebranding its model with the deployment of some additional features to bring users a complete blockchain experience. Having launched the first version of the product which scaled up to 3,000 active users, the product is looking to serve as a mainstream collection of casual games, creating a platform where gamers can play casual games in all their glory. One of the key offerings at Diagon Studios will be the instant reward system through the Diagon Tokens (DGN), redeemable at every milestone completed and made accessible to all users, including novice gamers and experts.
Additional features to be deployed within the Diagon ecosystem will include Diagon Shop-and-Refill, a crypto-powered platform that will support the trade of gift cards, purchase of data subscriptions, and gaming assets. Crypto payments for online courses, E-books, gadgets, etc, will also be supported. The rebranding process will also feature the deployment of Diagon Ads Vista, a platform where users will be able to subscribe to ads of their choosing. As the model scales, an NFT Marketplace where everyone can own a piece of the metaverse as both creators and collectors of digital collectibles will also be created.
Why Diagon Studios?
The GameFi industry is one of the fastest growing sectors in blockchain and Web3 that is garnering a lot of competition and pushing the crypto market volume. However, globally-popular P2E games are becoming quite expensive and complex to play for mid-level gamers and newbies. By introducing a variety of casual games with an easy-to-use interface, Diagon Studios critically lowers the entry barrier into Web3 for everyone across the globe.
In contrast to the traditional video game market with dwindling revenue, predicted to plunge further in the following years, blockchain P2E games have made giant leaps in the last few years, recording significant growth of over 2000% in 2021. The revolutionary development of cryptocurrency enabled a unique P2E in-game economy where players can extract value from their whole gaming experience, and convert it into a significant source of income. With this trajectory, the blockchain gaming market is projected to rise from an estimated $1.5 billion in 2021 to a staggering $50 billion by 2025, boosting worldwide gaming revenue and creating new financial opportunities for more people to access the Web3 economy.
Shogo Ishida, co-CEO at EMURGO Africa, said, “Focused on hyper-casual gaming that takes out complexity from the gameplay, Diagon Studios is one of the game publishers that stands on the cusp of opening the African space to the realities of play-to-earn and we are glad to be offering the startup a launchpad and the opportunity to build on Cardano”.
Commenting on the partnership with Adaverse, Diagon Studios Founder and CEO, Jeremiah Onojah stated that “The Cardano blockchain will offer a better approach to securing transactions for the Diagon project with its eco-friendly platform and large global community. Diagon intends to issue tokens on the Cardano blockchain in the future development stage. With the support of EMURGO Africa and Adaverse, we will be able to do more with the Cardano blockchain. The Diagon studios team will work intensely with Adaverse to be in the best possible shape, hitting the perfect market fit and scaling her products”.
Beyond play-to-earn (P2E) games, the Diagon platform will connect a virtual community of global casual gamers to develop their skills, network, and access more opportunities in Web3 through partnership programs, especially for DGN token holders who will also have staking and governance rights in the platform.
“This startup is all about demystifying the Web3 gaming system in Africa by reaching the grassroots level and providing affordable options targeting low-income earners, to ensure more people find something that interests and pays them while building on a reliable infrastructure. Diagon will be one of the pillars of Africa’s digital future and Adaverse is glad to support this project”, said Vincent Li, founding partner at Adaverse.
Adaverse is a catalyst for the Cardano ecosystem in Africa, dedicated to investing, mentoring, and providing standardised tech support for organically grown startups building the next wave of Web3 decentralized applications, including NFTs, DeFi, and others on Cardano’s third-generation blockchain.
Since its launch in 2021, through a joint venture partnership between EMURGO Africa and Everest Ventures, Adaverse has concluded strategic investments in over fifteen (15) crypto-native startups and aims to support more promising game-changing solutions in the African ecosystem. Through periodic physical meetups and the 3-months intensive accelerator program for startup founders, Adaverse aims to be a launchpad for the Cardano-focused projects springing up across Africa, and the Middle East to usher in the rapidly emerging digitally reliant global economy.
Adaverse is open to applications from founders all year round. Apply for funding here.
To start earning from easy-to-play games, visit the Diagon Studios website.