MTN Group, the parent firm of MTN Nigeria, has announced the purchase of a digital land in Africarare, a South African-based Metaverse.
MTN currently owns 144 plots of virtual land with a total space of 12x12m, according to the press statement. The amount MTN paid for the plots, however, was not mentioned in the press announcement.
Africarare was the first African virtual reality metaverse to open in October 2021. As its native cryptocurrency, the platform uses the UBU token.
According to the press release, the investment demonstrates, “MTN’s commitment to supporting African innovation as it is the first company on the continent to support an initiative of this kind. Through its presence in the metaverse, MTN intends to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.”
Africarare, as previously mentioned, is Africa’s first VR metaverse that launched in October 2021. Its metaverse, Ubuntuland is being developed alongside Mann Made Media, is expected to do public land sales later this year.
According to Africarare, Ubuntuland intends to showcase some of the best of African art, fashion, entertainment, sport, technlology and creativity and will provide a platform for artists from across the continent to showcase their work.
Africarare is the first also South African and African metaverse, whose digital land gets its baseline synopsis from the African continent. Last year, the platform sold out its debut Non-fungible token (NFT) art collection last year for about $50,000.
Many more businesses throughout the world are now include bitcoin assets in their financial statements. It’s no surprise that large African companies like MTN are taking moves to include bitcoin investments in their asset portfolio. Many major and large organizations throughout the world, such as JPMorgan, PWC, Visa, Samsung, Adidas, and others, have announced the purchase of digital lands in the metaverse.
In addition, M&C Saatchi Abel, a South African advertising agency, purchased its own plot of property in Ubuntuland alongside MTN.