MTN Group Buys 144 Plots of Virtual Land in Metaverse

By Soko Directory Team / Published March 2, 2022 | 11:12 am




KEY POINTS

Ubuntuland showcases some of the best of African art, fashion, entertainment, sport, tech, and creativity and will provide a platform for artists from across the continent to showcase their work.


Metaverse

KEY TAKEAWAYS


Metaverse is a fully-realized digital world that exists beyond the one in which we live – a 3D virtual reality experience. Africarare’s metaverse is set in Ubuntuland, a South African virtual world that marries creativity, cryptocurrency, and commerce. 


The existence of the metaverse has been cemented in Africa after MTN Group, on February 28, bought 144 plots of virtual land in the Africarare metaverse Ubuntuland for an undisclosed amount.

While some may argue that metaverse doesn’t exist, MTN has just proven them wrong. The move shows just how much the world of NFTs, which is relatively a new concept to some, is taking shape at a rapid rate.

Metaverse is a fully-realized digital world that exists beyond the one in which we live – a 3D virtual reality experience. Africarare’s metaverse is set in Ubuntuland, a South African virtual world that marries creativity, cryptocurrency, and commerce.

Ubuntuland showcases some of the best of African art, fashion, entertainment, sport, tech, and creativity and will provide a platform for artists from across the continent to showcase their work.

MTN is the first company to invest in a virtual land followed by M&C Saatchi Abel, which has also entered the metaverse as the first South African agency.

“This is an exciting moment for us as we lead businesses on the continent to enter the metaverse marketplace,” said Bernice Samuels, MTN’s Group Executive for Marketing.

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“This is exactly what our Ambition 2025 strategy is premised on – leveraging trends that amplify consumers’ digital experiences and engagement. We have always been at the forefront of technological and digital changes, and we remain alive to the exciting opportunities the metaverse presents for us and our customers,” he added.

There was no further information offered on what MTN wishes to do with the plots it purchased.

There will only ever be 204 642 plots of land available, made up of different village sizes in various community hubs. The land is positioned and priced according to a tiered value system.

Africarare is the first South African metaverse, housing digital land with roots in Africa. It sold out its debut Non-fungible token (NFT) art collection last year for about 50,000 US dollars.

Although many African governments have often taken a critical view of cryptocurrencies, South Africa, Kenya, and Nigeria have backed the use of blockchain technology in the future. NFTs are, thus, gradually gaining popularity among African tech enthusiasts and celebrities.

The phenomenon is not new and it can be witnessed across the globe. Celebrities such as Jay-z, Justin Bieber, and Snoop Dogg have also bought NFT-backed spaces to use for various things such as virtual performances and launching digital brands.




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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