- In October 2021, Emurgo, a sidechain company of the Cardano foundation and Everest Ventures Group, created Adaverse Accelerator.
- Adaverse invested in Afrguild, an African blockchain gaming guild-turned DAO.
- Adaverse launched a Blockchain Founders Hangout in Lago to promote the Cardano ecosystem in Nigeria.
Africa has shown the entire globe that it has the potential to stand at the top of the 4th Industrial Revolution. This is mainly because its ecosystem can adequately accept Web3 technology. This fact echoed throughout the entire Web3 community, especially in 2022. As such, various blockchain platforms have targeted Africa’s crypto industry and human capital. Cardano is a critical figurehead who has showcased their willingness to aid Africa actively. Looking closely at Cardano’s various vital steps, one of its organizations that stands at the top endeavours in Africa is Adaverse Accelerator.
Adaverse has pioneered several initiatives that have aided several blockchain startups in Africa. This organization has created several stepping stones for African blockchain startups. In addition, it pioneered the growth of Web3 in critical countries such as Nigeria. Here is a close look at the wins that Adaverse has had in developing Africa’s web3 ecosystem.
Background check on Adaverse Accelerator
Despite Adaverse’s significant impact on blockchain startups in Africa and pioneering its crypto industry, it is not a stand-alone organization. In October 2021, Emurgo, a sidechain company of the Cardano foundation and Everest Ventures Group, created Adaverse Accelerator. These companies saw the potential blockchain startups in Africa but also realized the significant elements hindering their progress.
As a result of this thought process, Adaverse was created. This web3 platform would address the imbalance and support blockchain n founders in Africa and Asia. They covered essential aspects such as funding but continued. Adaverse offered mentorship and the adequate tech infrastructure that African blockchain startups desperately needed to scale Web3 solutions even beyond its borders.
Since Adaverse accelerator was initially part of the Cardano community, it already had a massive head start. This is because Cardano had fully established itself in Africa’s crypto ecosystem. It steadily expanded into other Web3 solutions for the continent. In addition, the Adaverse accelerator has the support of a network of first-class investors and advisors. Blockchain startups in Africa that signed with Adaverse were sure to improve their capabilities within their very concept.
This web3 platform also offered an opportunity for investors to the lucrative African market through vetted and supported blockchain startups. Jerome Wonge, CBO of Everest Ventures and Vincent Li, CEO of Future Hub, who founded this Web3 platform, brought in many resources. Their network of experts in fintech, banking, digital media, marketing, and business management provides the perfect resource pool that blockchain startups in Africa require.
What does Adaverse Offer to African blockchain startups?
Adaverse Accelerator is open to any promising blockchain startups in Africa. They accept blockchain startups valued between $2 million and $30 million on their prior notice, but this is a flexible number. Adaverse has offered opportunities for ideas that are generally revolutionary in Africa. Their program includes:
- $150,000 immediate funding for 6% equity and 8% future token or NFT supply, with additional advisory services upon negotiation
- Strategic planning for a product, token economics, fundraising, marketing and research
- Fundraising through our joint venture partners
- Product launch and listing management
Once a blockchain startup goes through its entire curriculum, it will surely gain positive remarks. So far, over the past two years, this web3 platform has invested at least $100 million to back up multiple blockchain startups in Africa.
Its parent company Cardano mainly deals with improving Africa’s crypto ecosystem, which has significantly improved since its first launch. This leaves room for Adaverse to handle the rest of the Web3 elements.
The wide variety of use cases in Africa has led to the tremendous growth rate of the blockchain and crypto industry. Unfortunately, most blockchain startups need more funds, preprocessed ideas, or infrastructure. Thus Adaverse, equipped with all its knowledge of the blockchain, web3 and the necessary funds and network, offers a conducive Web3 platform that nurtures the growth of African blockchain startups.
The Wins, Adaverse accelerator has in Africa.
Adaverse accelerator has been around for less than two years, but it has already made significant headway within Africa’s web3 system. Adaverse invested in Afriguild, a blockchain gaming guild-turned DAO, during its first project. It provides opportunities for African through gaming education and community building. Adaverse accelerator and Emurgo became notable investors in this investment round to speed up Afriguid’s overall mission.
One of the main reasons why Adaverse invested in Afriguild is its initiative to build Africa’s crypto ecosystem and Web3. In addition, Afriguild offers young African innovators an opportunity to build valuable Web3 skills. This enables them to pioneer their invention on the Metaverse. Afriguild mainly invests in the NFT community by valuing more on their NFT asset investment and paid contributor roles in the community.
According to experts at GameFi, the industry estimates that its generating revenue will hit $314 billion by 2026. Africa will account for at least 45% of this total revenue.
Shogo complimented the works of Afriguilds and stated, “Social communities will re-engineer the structure of global commerce while leveraging Web3 applications running on blockchain technology. Africa is socially communal, and Afriguild is building the bridge to financial breakthroughs by connecting young Africans to the emerging Web3 world. EMURGO Africa is pleased to support the vision of Afriguild’s leadership and development team to create a better Africa on Cardano’s third-generation blockchain, which desires to provide equal economic opportunities to those without access“.
Adaverse is hitting Lagos as a base of operations.
Adaverse launched a Blockchain Founders Hangout in Lagos to promote the Cardano ecosystem in Nigeria. It provided the necessary opportunity for young African minds and Nigeran startups to network and find potential investors. According to their report, over 100 attendees were present at the privately-held event specially designed for startup founders to assimilate into Cardano’s dynamic ecosystem.
Also, Read What Cardano envisions for Africa.
Their key guest also included Shogo Ishida and Yosuke Yoshida. Their attendance attracted a larger crowd of ambitious visionaries enthusiastic about building Arica’s crypto industry and Web3 platforms. The event had numerous guests, such as Chuta Chimezie. He started the event by giving elaborate strategies that African web3 platforms can use for their industries. Chuta emphasized that Adaverse is an ideal accelerator for Cardano-powered blockchain solutions in Africa and provided information on how to get on board the accelerator program.
Adaverse technology Cassava Nework
Adaverse accelerator became one of the initial investors of Cassava Network. Cassava Network is a blockchain infrastructure that connects developers and users throughout Africa’s crypto ecosystem and Web3 community. It aids any web application by transforming them into a crypto-enabled app suitable to reward contributors and end users for their dedication.
Cassava Network is a web3 platform that extends its capabilities and is very natural to other African web platforms. Adaverse saw Cassava Network’s potential as a blockchain startup and catered significantly to its growth.
According to Kelin, Cassava Network’s PR, their web3 platform would utilize the investment capital acquired from Aadaverse to expand and improve its technological capabilities. Shogo stated, “EMURGO Africa is excited to support the development of Cassava Network’s innovative content rewards ecosystem. We firmly believe Africa is a huge market full of bright potential that can lead the way to spur large user growth and demonstrate the real benefits of a flourishing Web3 economy.“
Adaverse has showcased its zeal and initiative to support blockchain startups in Africa. Through its numerous ventures, this Web3 platform has inspired many. Currently, Africa’s crypto industry is recovering from the recent FTX crash. Will Adaverse contribute to its current state and continue empowering African blockchain startups?