MTN has recently bought 144 plots of digital land in the Africarare metaverse Ubuntuland for an undisclosed sum.
According to a news statement on the company’s website, with this purchase, Africa’s largest telecom provider claimed to be the first African company to enter the metaverse.
The announcement states, “Africarare, which debuted in South Africa in October 2021, is the first African Virtual Reality metaverse containing digital land.”
Africarare and Mann Made Media are developing Ubuntuland, which will be available for public land sales later this year.
Ubuntuland will include the best of African art, fashion, entertainment, sport, technology, and innovation, as well as provide a platform for artists from all over the continent to exhibit their work.
Last year, Africarare sold out its debut Non-fungible token (NFT) art collection for about $50,000.
“The NFT space economy and Metaverses have seen tremendous expansion in the United States, Europe, and Asia, but there hasn’t been much from Africa.””
“We believe Africa has a huge opportunity to participate in this new world.” Mic Mann, the co-founder of Africarare, stated last year in an interview.
This move follows MTN’s recent brand revamp, which repositioned the company as a technology firm rather than a telecommunications one.
MTN noted in a statement that “this investment reflects MTN’s commitment to fostering African innovation.”
According to Bernice Samuels, MTN group’s chief marketing officer, MTN plans to boost its customer appeal through a succession of experiences integrated with consumer passion points, such as gaming and music, and its presence in the metaverse.
Along with MTN, M&C Saatchi Abel, a South African advertising agency, purchased its own plot of property in Ubuntuland.
Outside of Africa, firms including Samsung, Adida, and PricewaterhouseCoopers have also bought digital land holdings.
