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) concentrated. models.
Adaverse was established in September 2021 as a joint venture partnership between EMURGO Africa and Everest Ventures to identify and provide valuable support resources for promising African founders who are building the next wave of Web3 dApps in DeFi, NFTs, Gaming, Metaverse and more Build Cardano’s environment – sustainable blockchain. EMURGO Africa is one of the investment arms of EMURGO, a founding company on the Cardano blockchain.
What is Diagon Studios?
Diagon Studios is a Nigerian blockchain GameFi platform focused on delivering P2E hyper-casual games on the blockchain to break down barriers in the Web3 gaming industry. Founded by Jeremiah Onojah, a seasoned engineer with years of experience developing solutions in the Web2 and Web3 space, Diagon Studios bridges the work-life gap by bridging the unique value of blockchain and digital assets with a multifunctional dApp (decentralized application) introduces. Diagon intends to scale its platform and issue digital tokens on the Cardano blockchain, one of the largest blockchain networks by market cap.
Diagon believes that video games should remain highly entertaining, less complex and easily accessible, while at the same time offering realistic earning potential for anyone who owns a mobile phone.
Diagon Studios is currently revamping its model with the provision of a few additional features to offer users a full blockchain experience. After launching the first version of the product, which has scaled to 3,000 active users, the product aims to serve as a mainstream collection of casual games and create a platform for gamers to play casual games in all their glory. One of the main offerings of Diagon Studios will be the instant reward system through the Diagon Tokens (DGN), redeemable for each milestone reached and made available to all users, including beginners and experts.
Additional features to be deployed within the Diagon ecosystem include Diagon Shop-and-Refill, a crypto-powered platform that will support gift card trading, data subscription purchases and gaming assets. Crypto payments for online courses, e-books, gadgets, etc. are also supported. The rebranding process also includes the deployment of Diagon Ads Vista, a platform where users can subscribe to ads of their choice. As the model scales, it will also create an NFT marketplace where anyone can own a piece of the metaverse, both as a creator and collector of digital collectibles.
Why Diagon Studios?
The GameFi industry is one of the fastest growing sectors in Blockchain and Web3 attracting a lot of competition and driving crypto market volume. However, world-wide popular P2E games for mid-level players and newcomers are becoming more and more expensive and complex. By introducing a variety of casual games with an easy-to-use interface, Diagon Studios significantly lowers the barrier to entry into Web3 for everyone around the world.
In contrast to the traditional video game market with dwindling revenue, which is expected to continue to decline in the following years, blockchain P2E games have made huge leaps in recent years, noting significant growth of over 2000% in 2021. The revolutionary evolution of cryptocurrency has enabled a unique P2E in-game economy where players can extract value from their overall gaming experience and turn it into a meaningful revenue stream. With this development, the blockchain gaming market is expected to grow from an estimated $1.5 billion in 2021 to a staggering $50 billion in 2025, boosting global gaming revenues and creating new financial opportunities for more people to access to get to the Web3 economy.
Shogo Ishida, Co-CEO of EMURGO Africa, said: “Diagon Studios is one of the game publishers that is on the cusp of opening up the African space to the realities of gaming and is focused on hyper-casual gaming that takes complexity out of gameplay -to-earn and we’re excited to offer the startup a launch pad and opportunity to build on top of Cardano.”
Jeremiah Onojah (Founder and CEO)
Jeremiah Onojah, Founder and CEO of Diagon Studios, commented on the partnership with Adaverse: “The Cardano blockchain, with its green platform and large global community, will provide a better approach to securing transactions for the Diagon project. Diagon intends to issue tokens on the Cardano blockchain in the future development phase. 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 extensively with Adaverse to be in the best possible shape, achieve the perfect market fit and scale their 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 tokens Holders who will also have stakes and governance rights on the platform.
“This startup is all about demystifying the Web3 gaming system in Africa by reaching out to the grassroots and offering affordable options to low-income earners to ensure more people find something they care about and pay for while they play on a build reliable infrastructure. Diagon will be one of the pillars of Africa’s digital future and Adaverse is excited to support this project,” said Vincent Li, Founding Partner of Adaverse.
Adaverse is a catalyst for the Cardano ecosystem in Africa, dedicated to investing, mentoring and providing standardized technical support to organically grown startups building the next wave of decentralized Web3 applications, including NFTs, DeFi and others on the blockchain the third generation of Cardano.
Since its inception in 2021, through a joint venture partnership between EMURGO Africa and Everest Ventures, Adaverse has made strategic investments in over fifteen (15) crypto-native startups and aims to support more promising breakthrough solutions in the African ecosystem. Through regular physical meetings and the 3-month intensive accelerator program for startup founders, Adaverse aims to be a launch pad for the Cardano-focused projects emerging across Africa and the Middle East to usher in the rapidly evolving, digitally dependent global economy.
Adaverse is open to applications from founders year-round. Apply for grants here.
To start earning from easy to play games visit the Diagon Studios website.